Eyota, Minnesota Property Taxes
The median property tax rate in Eyota, MN is 1.34%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Eyota at $234,900, the typical annual property tax bill reaches $3,134, exceeding the national median of $2,690. Property taxes in Eyota 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 Eyota'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 Eyota or another part of Olmsted County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eyota, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$3,148
Ownwell’s Eyota Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eyota with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eyota 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 Eyota, Minnesota
Property taxes in Eyota, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eyota is 1.34%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Eyota set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eyota 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 Eyota's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55934 zip code has the highest median property tax rate of 1.34%, while the 55934 zip code also has the lowest median tax rate of 1.34%. Understanding how these cities compare with Eyota 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 Eyota Tax Rate
1.34%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eyota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55934 | 0.92% | 1.03% | 1.34% | 1.42% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Eyota, Minnesota
In Eyota, 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 Olmsted 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 Eyota, 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. For instance, the median home price in Eyota is $234,900. The zip code 55934 has the highest and lowest median tax bill at $3,134. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Eyota Assessed Value
$234,900
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 Eyota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55934 | $128,200 | $186,900 | $234,900 | $313,400 | $412,700 |
Source: Ownwell
Property Tax Bills Across Eyota, Minnesota
In Eyota, 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 the county assessor and represents the market value of the property. Homeowners in Eyota experience a range of property tax bills, with the 25th percentile at $2,496 and the 75th percentile reaching $3,951. The 90th percentile tax bill can go up to $4,860. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Comparing these figures to the national median property tax rate of 0.99%, Eyota's property taxes can be seen as relatively high, impacting homeowners by increasing their annual expenses. This affects budgeting and financial planning, making it essential for property owners to understand their tax obligations and explore potential exemptions or appeals to manage their costs effectively.
Average Eyota Tax Bill
$3,134
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Eyota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55934 | $1,447 | $2,496 | $3,134 | $3,951 | $4,860 |
Source: Ownwell