Tracy, Minnesota Property Taxes
The median property tax rate in Tracy, Minnesota is 1.65%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Tracy at $86,700, the typical annual property tax bill reaches $1,264, exceeding the national median of $2,690. Property taxes in Tracy are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tracy's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Tracy or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tracy, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Tracy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tracy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tracy to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Tracy, Minnesota
Property taxes in Tracy, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tracy is 1.65%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Tracy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tracy estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Tracy's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56175 has the highest median property tax rate of 1.65%, while the same zip code also has the lowest median tax rate of 1.65%. Understanding how these cities compare with Tracy provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tracy Tax Rate
1.65%
Average Lyon County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tracy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56175 | 0.63% | 1.31% | 1.65% | 2.04% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Tracy, Minnesota
In Tracy, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Lyon County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Tracy, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Tracy's median home price is $86,700, with tax bills ranging from $701 at the 25th percentile to $3,103 at the 90th percentile. The highest and lowest median tax bills are both $1,264 in the 56175 zip code. Being aware of these valuation processes in Tracy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tracy Assessed Value
$86,700
Average Lyon County Assessed Value
$158,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tracy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56175 | $10,420 | $45,900 | $86,700 | $135,700 | $208,280 |
Source: Ownwell
Property Tax Bills Across Tracy, Minnesota
In Tracy, MN, located in Lyon County, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value reflects the market value of the property. Homeowners in Tracy can expect a median home price of $86,700. The tax rate, when applied to this assessed value, generates the property tax bill. Several factors contribute to the final tax bill, including the property's size, location, and condition. For instance, tax bills in Tracy range significantly, with the 25th percentile at $701 and the 75th percentile at $2,073. The highest tax bills in the 90th percentile can reach up to $3,103. These property taxes are essential for funding local services, such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Tracy's property tax rates reflect the local economic conditions and the value placed on community services, directly impacting homeowners by influencing their annual financial obligations.
Average Tracy Tax Bill
$1,264
Average Lyon County Tax Bill
$1,794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Tracy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56175 | $190 | $701 | $1,264 | $2,073 | $3,103 |
Source: Ownwell