Dundee, Minnesota Property Taxes
The median property tax rate in Dundee, MN is 0.40%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Dundee at $369,500, the typical annual property tax bill amounts to $1,934, which is below the national median of $2,690. Property taxes in Dundee are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Dundee'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 Dundee 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
Dundee, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$1,478
Ownwell’s Dundee Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Dundee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dundee to estimate your property tax bill. This valuable 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 Dundee, Minnesota
Property taxes in Dundee, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dundee is 0.40%, which is lower than the U.S. national median of 0.99%. Local government entities within Dundee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dundee 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 Dundee's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56131 zip code has both the highest and lowest median property tax rate of 0.40%. Understanding how these cities compare with Dundee 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 Dundee Tax Rate
0.40%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dundee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56131 | 0.16% | 0.19% | 0.40% | 0.73% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Dundee, Minnesota
In Dundee, 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 Assessor 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 Dundee, 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 Dundee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,934, found in zip code 56131.
Average Dundee Assessed Value
$369,500
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 Dundee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56131 | $162,820 | $211,050 | $369,500 | $1,161,950 | $2,146,560 |
Source: Ownwell
Property Tax Bills Across Dundee, Minnesota
In Dundee, MN, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The median home price in Dundee is $369,500. Property taxes are then applied to this assessed value using the local tax rate. For instance, a homeowner in Dundee might see a tax bill ranging from $1,247 at the 25th percentile to $2,406 at the 75th percentile, with the 90th percentile reaching up to $4,132. These tax bills are influenced by various factors, including the home's market value, any applicable exemptions, and local government budgets. The highest and lowest median tax bills in Dundee are both $1,934, indicating a relatively consistent tax rate within the area. Compared to the national median property tax rate of 0.99%, Dundee's property tax rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these elements helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Dundee Tax Bill
$1,934
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Dundee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56131 | $1,013 | $1,247 | $1,934 | $2,406 | $4,132 |
Source: Ownwell