Borup, Minnesota Property Taxes
The median property tax rate in Borup, MN is 0.99%, aligning with the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $79,700 in Borup, the typical annual property tax bill amounts to $644, which is significantly below the national median of $2,690. Property taxes in Borup 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 Borup'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 Borup or another part of Norman County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Borup, 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 Borup Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Borup with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Borup 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 Borup, Minnesota
Property taxes in Borup, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Borup is 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Borup set these rates annually, and they can vary significantly across different neighborhoods. Each year, Borup 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 Borup's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56519 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Borup provides valuable insights into the varying tax landscape across Norman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Borup Tax Rate
0.99%
Average Norman County Tax Rate
1.16%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Borup, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56519 | 0.61% | 0.72% | 0.99% | 1.23% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Borup, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Borup, Minnesota. 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 Norman 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 Borup, 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 Borup helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $644, found in the 56519 zip code.
Average Borup Assessed Value
$79,700
Average Norman County Assessed Value
$94,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Borup, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56519 | $2,940 | $28,600 | $79,700 | $110,400 | $190,180 |
Source: Ownwell
Property Tax Bills Across Borup, Minnesota
In Borup, Norman County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is typically a percentage of the market value, which in Borup, has a median home price of $79,700. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. The median property tax rate in Norman County is 0.81%, which is lower than the national median of 0.99%. For homeowners in Borup, this means a tax bill can vary significantly. At the 25th percentile, the tax bill is around $380, while at the 75th percentile, it can reach up to $964. For those in the 90th percentile, the tax bill can be as high as $1,274. These variations depend on factors such as property location, improvements, and exemptions. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Borup Tax Bill
$644
Average Norman County Tax Bill
$979
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Borup, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56519 | $36 | $380 | $644 | $964 | $1,274 |
Source: Ownwell