Alvarado, Minnesota Property Taxes
The median property tax rate in Alvarado, MN is 0.94%, slightly below both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Alvarado at $169,450, the typical annual property tax bill amounts to $1,362, which is lower than the national median of $2,690. Property taxes in Alvarado are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Alvarado'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 Alvarado or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Alvarado, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,593
Ownwell’s Alvarado Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alvarado with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alvarado 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 Alvarado, Minnesota
Property taxes in Alvarado, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alvarado is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Alvarado set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alvarado 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 Alvarado's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56710 has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Alvarado provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alvarado Tax Rate
0.94%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alvarado, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56710 | 0.44% | 0.65% | 0.94% | 1.00% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Alvarado, Minnesota
In Alvarado, 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 Polk 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 Alvarado, 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. The median home price in Alvarado is $169,450, with tax bills ranging from $1,016 at the 25th percentile to $2,208 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 56710, with a median tax bill of $1,362. Being aware of these valuation processes in Alvarado helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Alvarado Assessed Value
$169,450
Average Polk County Assessed Value
$183,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alvarado, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56710 | $92,480 | $111,550 | $169,450 | $222,150 | $376,910 |
Source: Ownwell
Property Tax Bills Across Alvarado, Minnesota
In Alvarado, Polk County, MN, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. The assessed value is a percentage of the property's market value, reflecting its estimated worth in the real estate market. Homeowners in Alvarado can expect their tax bills to be influenced by various factors, including the property's size, location, and any improvements made to it. The median home price in Alvarado is $169,450, and property tax rates are applied to this assessed value to determine the annual tax bill. For instance, tax bills in the 25th percentile are around $1,016, while those in the 75th percentile are approximately $1,585. At the 90th percentile, tax bills can reach up to $2,208. Compared to the national median property tax rate of 0.99%, Alvarado's property taxes can be seen as relatively moderate, providing homeowners with a predictable financial obligation each year.
Average Alvarado Tax Bill
$1,362
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Alvarado, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56710 | $899 | $1,016 | $1,362 | $1,585 | $2,208 |
Source: Ownwell