Byron, Minnesota Property Taxes
The median property tax rate in Byron, MN is 1.64%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Byron, the typical annual property tax bill reaches $4,511, exceeding the national median of $2,690. Property taxes in Byron are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Byron'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 Byron 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
Byron, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$4,841
Ownwell’s Byron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Byron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Byron 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 Byron, Minnesota
Property taxes in Byron, Minnesota, are essential for funding key local services like public schools, road maintenance, and emergency services. The median tax rate in Byron is 1.64%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Byron set these rates annually, and they can vary across different neighborhoods. Each year, Byron 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 Byron's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55920 has the highest median property tax rate of 1.64%, while the same zip code also has the lowest median tax rate of 1.64%. Understanding how these cities compare with Byron provides valuable insights into the varying tax landscape across Olmsted County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Byron Tax Rate
1.64%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Byron, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55920 | 1.09% | 1.55% | 1.64% | 1.71% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Byron, Minnesota
In Byron, Minnesota, understanding the distinction between "market value" and "assessed value" is essential for comprehending property taxes. The market value represents 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 local authorities for tax purposes. The assessed value, on the other hand, is the market value minus any applicable exemptions or limits based on local laws and available programs. This assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Byron, 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. For instance, Byron's median home price stands at $295,200, with tax bills ranging significantly. The 25th percentile tax bill is $3,676, while the 75th percentile reaches $6,186, and the 90th percentile hits $8,155. The highest and lowest median tax bills in Byron are both $4,511, found in zip code 55920. Understanding these valuation processes helps property owners identify opportunities for protesting assessments or applying for exemptions, effectively managing their tax burden.
Average Byron Assessed Value
$295,200
Average Olmsted County Assessed Value
$264,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Byron, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55920 | $192,390 | $237,225 | $295,200 | $401,775 | $504,240 |
Source: Ownwell
Property Tax Bills Across Byron, Minnesota
In Byron, located in Olmsted County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by county assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $295,200, homeowners in Byron can expect varying tax bills depending on several factors, including the exact location and property characteristics. Tax bills in Byron range significantly, with the 25th percentile at $3,676 and the 75th percentile reaching $6,186. For the top 10% of properties, tax bills can be as high as $8,155. This variability affects homeowners differently, potentially influencing their financial planning and the overall affordability of living in the area. Compared to the national median property tax rate of 0.99%, Byron's tax rates reflect the local economic conditions and funding needs of the community.
Average Byron Tax Bill
$4,511
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Byron, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55920 | $2,710 | $3,676 | $4,511 | $6,186 | $8,155 |
Source: Ownwell