Medford, Minnesota Property Taxes
The median property tax rate in Medford, MN is 0.56%, which is significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $474,300 in Medford, the typical annual property tax bill amounts to $2,758, slightly above the national median of $2,690. Property taxes in Medford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Medford'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 Medford 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
Medford, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$2,656
Ownwell’s Medford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medford 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 Medford, Minnesota
Property taxes in Medford, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medford is 0.56%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Medford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medford 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 Medford's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55049 has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Medford provides valuable insights into the varying tax landscape across Rice County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medford Tax Rate
0.56%
Average Rice County Tax Rate
0.89%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55049 | 0.22% | 0.37% | 0.56% | 0.71% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Medford, Minnesota
In Medford, 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 Rice 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 Medford, 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 Medford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Medford are both $2,758, found in the zip code 55049.
Average Medford Assessed Value
$474,300
Average Rice County Assessed Value
$294,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55049 | $279,700 | $380,450 | $474,300 | $698,400 | $1,477,420 |
Source: Ownwell
Property Tax Bills Across Medford, Minnesota
Property tax bills in Medford, Rice County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by county assessors who evaluate the property's market value, considering factors such as location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Medford, the median home price stands at $474,300. The tax bill can vary significantly, with the 25th percentile at $1,710 and the 75th percentile at $3,813. At the 90th percentile, homeowners could see tax bills as high as $4,348. These figures highlight the variability in property tax bills, influenced by the assessed value and specific circumstances of each property. Comparatively, the national median property tax rate is 0.99%, making it essential for Medford homeowners to understand how their local rates and assessed values affect their annual tax obligations.
Average Medford Tax Bill
$2,758
Average Rice County Tax Bill
$2,471
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Medford, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55049 | $1,362 | $1,710 | $2,758 | $3,813 | $4,348 |
Source: Ownwell