Fertile, Minnesota Property Taxes
The median property tax rate in Fertile, MN is 0.78%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $130,900 in Fertile, the typical annual property tax bill amounts to $997, significantly less than the national median of $2,690. Property taxes in Fertile are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Fertile'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 Fertile or another part of Norman County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fertile, 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 Fertile Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fertile with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fertile 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 Fertile, Minnesota
Property taxes in Fertile, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fertile is 0.78%, lower than the U.S. national median of 0.99%. Local government entities within Fertile set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fertile 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 Fertile's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in Norman County is 0.78% in the zip code 56540, while the lowest median tax rate is also 0.78% in the same zip code. Understanding how these cities compare with Fertile 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 Fertile Tax Rate
0.78%
Average Norman County Tax Rate
1.16%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fertile, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56540 | 0.69% | 0.74% | 0.78% | 0.83% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Fertile, Minnesota
In Fertile, 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 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. Assessment notices in Fertile 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 Fertile is $130,900, with property tax bills ranging from $588 at the 25th percentile to $2,155 at the 90th percentile. Both the highest and lowest median tax bills in Fertile are $997, found in the 56540 zip code. 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 Fertile Assessed Value
$130,900
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 Fertile, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56540 | $24,650 | $65,775 | $130,900 | $218,325 | $267,740 |
Source: Ownwell
Property Tax Bills Across Fertile, Minnesota
In Fertile, Norman County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $130,900, homeowners can expect their tax bill to vary significantly. The 25th percentile tax bill is approximately $588, while the 75th percentile tax bill reaches around $1,620. At the 90th percentile, homeowners might see tax bills as high as $2,155. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Fertile should be aware that their property tax bill is influenced by several factors, including changes in property values and local tax rates. Compared to the national median property tax rate of 0.99%, Fertile's property tax rates reflect the specific funding needs and property values in the area, directly impacting homeowners' annual expenses.
Average Fertile Tax Bill
$997
Average Norman County Tax Bill
$979
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Fertile, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56540 | $308 | $588 | $997 | $1,620 | $2,155 |
Source: Ownwell