Alexandria, Minnesota Property Taxes
The median property tax rate in Alexandria, MN is 0.67%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Alexandria, the typical annual property tax bill reaches $2,556, which is below the national median of $2,690. Property taxes in Alexandria 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 Alexandria'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 Alexandria 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
Alexandria, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$2,841
Ownwell’s Alexandria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alexandria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alexandria 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 Alexandria, Minnesota
Property taxes in Alexandria, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alexandria is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Alexandria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alexandria 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 Alexandria's effective property tax rate to other areas in Minnesota and the national median. For comparison, the ZIP code 56308 has both the highest and lowest median property tax rate of 0.67%. Understanding how these areas compare with Alexandria provides valuable insights into the varying tax landscape across Pope County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alexandria Tax Rate
0.67%
Average Pope County Tax Rate
0.66%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alexandria, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56308 | 0.40% | 0.58% | 0.67% | 0.70% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Alexandria, Minnesota
In Alexandria, 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 local 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 Alexandria, 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 Alexandria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56308 has the highest and lowest median tax bill at $2556.
Average Alexandria Assessed Value
$424,100
Average Pope County Assessed Value
$275,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alexandria, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56308 | $124,700 | $254,475 | $424,100 | $602,950 | $740,950 |
Source: Ownwell
Property Tax Bills Across Alexandria, Minnesota
In Alexandria, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate. Homeowners in Alexandria experience a variety of tax bills depending on their property's value. For instance, the median home price in Alexandria is $424,100, which can result in a range of tax bills. The 25th percentile tax bill is about $1,488, while the 75th percentile tax bill reaches $3,788, and the 90th percentile tax bill can be as high as $4,886. These figures illustrate how property taxes can vary significantly within the city. The highest and lowest median tax bills in Alexandria are both recorded at $2,556 in the zip code 56308. This indicates a level of consistency in tax assessments within the area. Compared to the national median property tax rate of 0.99%, Alexandria's property taxes can have a considerable impact on homeowners, influencing their overall financial planning and housing affordability.
Average Alexandria Tax Bill
$2,556
Average Pope County Tax Bill
$1,948
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Alexandria, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56308 | $1,102 | $1,488 | $2,556 | $3,788 | $4,886 |
Source: Ownwell