Viking, Minnesota Property Taxes
The median property tax rate in Viking, MN is 0.75%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Viking at $96,000, the typical annual property tax bill amounts to $552, which is significantly less than the national median of $2,690. Property taxes in Viking are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Viking's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Viking or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Viking, 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 Viking Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Viking with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Viking to provide an accurate property tax bill estimate. This valuable tool helps you understand your potential tax liabilities, ensuring you are well-prepared. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Viking, Minnesota
Property taxes in Viking, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Viking is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Viking set these rates annually, and they can vary significantly across different neighborhoods. Each year, Viking 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 Viking's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56760 has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Viking provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Viking Tax Rate
0.75%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Viking, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56760 | 0.43% | 0.63% | 0.75% | 1.07% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Viking, Minnesota
In Viking, 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 Viking, 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. Being aware of these valuation processes in Viking helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, Viking's zip code 56760 has both the highest and lowest median tax bills at $552.00.
Average Viking Assessed Value
$96,000
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 Viking, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56760 | $2,950 | $16,300 | $96,000 | $192,875 | $287,800 |
Source: Ownwell
Property Tax Bills Across Viking, Minnesota
In Viking, located in Marshall County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in Viking is $96,000. To determine the tax bill, the assessed value of the home is multiplied by the local tax rate. Factors such as property improvements, market conditions, and local government budgets influence the assessed value. For homeowners in Viking, the tax bill can vary significantly. The 25th percentile tax bill is $105, while the 75th percentile reaches $1,362, and the 90th percentile is $1,771. These figures indicate a wide range of tax liabilities, reflecting differences in property values and specific assessments. Compared to the national median property tax rate of 0.99%, Viking's tax bills can be seen as relatively moderate, though individual circumstances may vary. Homeowners need to be aware of these factors as they can significantly impact annual expenses and overall financial planning.
Average Viking Tax Bill
$552
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Viking, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56760 | $23 | $105 | $552 | $1,362 | $1,771 |
Source: Ownwell