Balaton, Minnesota Property Taxes
The median property tax rate in Balaton, MN is 0.31%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $547,750 in Balaton, the typical annual property tax bill amounts to $1,510, which is well below the national median of $2,690. Property taxes in Balaton are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Balaton'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 Balaton 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
Balaton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$1,698
Ownwell’s Balaton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Balaton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Balaton 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 Balaton, Minnesota
Property taxes in Balaton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Balaton is 0.31%, which is significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Balaton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Balaton 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 Balaton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in Minnesota is found in zip code 55401 at 1.25%, while the lowest median tax rate is in zip code 56601 at 0.20%. Understanding how these cities compare with Balaton provides valuable insights into the varying tax landscape across Murray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Balaton Tax Rate
0.31%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Balaton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56115 | 0.13% | 0.16% | 0.31% | 0.50% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Balaton, Minnesota
In Balaton, 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 Murray 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 Balaton, 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 Balaton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Balaton is $547,750, with the median tax bill ranging from $686 at the 25th percentile to $3,812 at the 90th percentile. The zip code 56115 has both the highest and lowest median tax bill at $1,510.
Average Balaton Assessed Value
$547,750
Average Murray County Assessed Value
$177,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Balaton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56115 | $118,250 | $197,850 | $547,750 | $1,406,225 | $1,940,270 |
Source: Ownwell
Property Tax Bills Across Balaton, Minnesota
In Balaton, located in Murray County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, which is periodically evaluated by local assessors. For instance, with a median home price of $547,750, the tax rate is applied to this assessed value to calculate the annual property tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In Balaton, the tax bill can vary significantly. For example, the 25th percentile tax bill is $686, while the 75th percentile tax bill is $2,590, and the 90th percentile tax bill reaches $3,812. These taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Balaton's property tax rates may seem moderate or high, depending on the assessed value and specific circumstances of each property.
Average Balaton Tax Bill
$1,510
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Balaton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56115 | $538 | $686 | $1,510 | $2,590 | $3,812 |
Source: Ownwell