Marshall, Minnesota Property Taxes
The median property tax rate in Marshall, MN is 0.93%, slightly below the national median of 0.99% but higher than the Minnesota state median of 1.11%. With a median home value of $298,500, the typical annual property tax bill in Marshall reaches $3,153, surpassing the national median of $2,690. Property taxes in Marshall are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. By understanding Marshall's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Marshall or another part of the city, having a clear grasp of the local property tax system is beneficial for managing property expenses effectively.
Last Updated June 14, 2024
Marshall, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$2,776
Ownwell’s Marshall Property Tax Bill Calculator is an invaluable tool for any homeowner, real estate investor, or potential buyer looking to estimate their annual property taxes in Marshall. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Marshall to provide an accurate estimate of your property tax bill. This tool is designed to help you understand your potential tax liabilities effortlessly. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property's assessed value is determined by the county for property tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Marshall, Minnesota
Property taxes in Marshall, MN, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Marshall is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Marshall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marshall 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 Marshall's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56258 has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Marshall provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marshall Tax Rate
0.93%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marshall, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56258 | 0.45% | 0.88% | 0.93% | 0.98% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Marshall, Minnesota
In Marshall, 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 Redwood 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 Marshall, 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. The median home price in Marshall is $298,500, with tax bills ranging from $1,732 at the 25th percentile to $3,835 at the 90th percentile. 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 Marshall helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marshall Assessed Value
$298,500
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marshall, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56258 | $205,450 | $264,100 | $298,500 | $366,350 | $415,150 |
Source: Ownwell
Property Tax Bills Across Marshall, Minnesota
In Marshall, located in Redwood County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Marshall stands at $298,500, and the property tax rate in the area is calculated by applying the local tax rate to this assessed value. Factors such as property improvements and market conditions can influence the assessed value, which in turn affects the final tax bill. For homeowners, this means that any increase in property value can lead to higher tax bills. In Marshall, the 25th percentile tax bill is $1,732, while the 75th percentile tax bill reaches $3,484. The highest median tax bill in the area is $3,153, with the highest tax bill reaching up to $3,835. These figures illustrate the range of property tax bills homeowners can expect, depending on the value of their property. Compared to the national median property tax rate of 0.99%, Marshall's rates can significantly impact homeowners' annual expenses.
Average Marshall Tax Bill
$3,153
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Marshall, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56258 | $679 | $1,732 | $3,153 | $3,484 | $3,835 |
Source: Ownwell