Alvarado, Minnesota Property Taxes
The median property tax rate in Alvarado, MN is 1.36%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Alvarado at $112,800, the typical annual property tax bill reaches $1,294, exceeding the national median of $2,690. Property taxes in Alvarado 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 Alvarado'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 Alvarado 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
Alvarado, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$1,534
Ownwell’s Alvarado Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alvarado with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alvarado 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 Alvarado, Minnesota
Property taxes in Alvarado, Minnesota, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Alvarado is 1.36%, significantly higher than the U.S. national median of 0.99%. Local government entities within Alvarado set these rates annually, and they can vary across different neighborhoods. Each year, Alvarado 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. Understanding how Alvarado's effective property tax rate compares to other areas in Marshall County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alvarado Tax Rate
1.36%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alvarado, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56710 | 0.72% | 1.13% | 1.36% | 1.46% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Alvarado, Minnesota
In Alvarado, 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 Marshall 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 Alvarado, 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. The median home price in Alvarado is $112,800, with tax bills ranging from $748 at the 25th percentile to $2,493 at the 90th percentile. The zip code with the highest median tax bill is 56710, also showing the lowest median tax bill at $1,294. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Alvarado Assessed Value
$112,800
Average Marshall County Assessed Value
$114,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alvarado, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56710 | $6,000 | $48,900 | $112,800 | $162,300 | $220,800 |
Source: Ownwell
Property Tax Bills Across Alvarado, Minnesota
In Alvarado, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This value reflects the market value of the property, which in Alvarado has a median home price of $112,800. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. In Alvarado, the 25th percentile tax bill is $748, while the 75th percentile reaches $2,120, and the 90th percentile is as high as $2,493. These figures indicate a significant range in tax bills depending on property specifics and exemptions. For homeowners, these tax bills represent a substantial financial consideration, impacting monthly budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Alvarado's tax rates show variability but align closely with broader trends, emphasizing the importance of accurate assessments and potential appeals.
Average Alvarado Tax Bill
$1,294
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Alvarado, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56710 | $218 | $748 | $1,294 | $2,120 | $2,493 |
Source: Ownwell