Seaforth, Minnesota Property Taxes
The median property tax rate in Seaforth, MN is 1.54%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Seaforth, the typical annual property tax bill reaches $791, which is significantly lower than the national median of $2,690. Property taxes in Seaforth 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 Seaforth'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 Seaforth 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
Seaforth, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Seaforth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seaforth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seaforth 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 Seaforth, Minnesota
Property taxes in Seaforth, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seaforth is 1.54%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Seaforth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seaforth 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 Seaforth's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56287 zip code has the highest median property tax rate of 1.54%, while the same zip code also has the lowest median tax rate of 1.54%. Understanding how these areas compare with Seaforth 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 Seaforth Tax Rate
1.54%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seaforth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56287 | 1.21% | 1.41% | 1.54% | 2.41% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Seaforth, Minnesota
In Seaforth, 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. 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 Seaforth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Seaforth are both $791, found in the 56287 zip code.
Average Seaforth Assessed Value
$46,650
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 Seaforth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56287 | $3,310 | $17,800 | $46,650 | $101,100 | $162,650 |
Source: Ownwell
Property Tax Bills Across Seaforth, Minnesota
In Seaforth, Redwood County, MN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the market value of the property, which is determined by the county assessor. Various factors, including property size, location, and market trends, influence this assessed value. For instance, the median home price in Seaforth is $46,650. Homeowners in Seaforth experience a range of property tax bills. At the 25th percentile, the tax bill is $312, while at the 75th percentile, it rises to $1,234. For those at the 90th percentile, the tax bill can be as high as $2,749. Comparatively, the highest and lowest median tax bills in Redwood County both stand at $791, indicating a consistent tax rate within the county. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding this process helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Seaforth Tax Bill
$791
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Seaforth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56287 | $83 | $312 | $791 | $1,234 | $2,749 |
Source: Ownwell