Edgerton, Minnesota Property Taxes
The median property tax rate in Edgerton, MN is 0.58%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Edgerton at $222,650, the typical annual property tax bill reaches $1,401, well below the national median of $2,690. Property taxes in Edgerton 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 Edgerton'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 Edgerton 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
Edgerton, 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 Edgerton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edgerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edgerton 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 Rock County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Edgerton, Minnesota
Property taxes in Edgerton, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edgerton is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within Edgerton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edgerton 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 Edgerton's effective property tax rate to other areas within Rock County and the national median. For comparison, the zip code 56128 has both the highest and lowest median property tax rate of 0.58% in the region. Understanding how these areas compare with Edgerton provides valuable insights into the varying tax landscape across Rock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Edgerton Tax Rate
0.58%
Average Rock County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Edgerton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56128 | 0.55% | 0.57% | 0.58% | 0.60% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Edgerton, Minnesota
In Edgerton, MN, 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 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 in Edgerton 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 Edgerton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Edgerton, the median home price is $222,650, with tax bills ranging from $826 at the 25th percentile to $2,635 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 56128, with a median tax bill of $1,401.
Average Edgerton Assessed Value
$222,650
Average Rock County Assessed Value
$166,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Edgerton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56128 | $124,150 | $139,700 | $222,650 | $270,150 | $326,100 |
Source: Ownwell
Property Tax Bills Across Edgerton, Minnesota
In Edgerton, Rock County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. The tax rate is applied to this assessed value to calculate the tax bill. For example, with a median home price of $222,650, homeowners can expect a tax bill ranging from $826 at the 25th percentile to $2,635 at the 90th percentile. The median tax bill in the area is $1,401, which aligns with the highest and lowest median tax bills recorded in the zip code 56128. Factors such as property improvements, neighborhood changes, and local government budgets can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Edgerton's rates can significantly impact homeowners, affecting their annual expenses and overall financial planning. Understanding these factors is crucial for homeowners to anticipate their tax liabilities accurately.
Average Edgerton Tax Bill
$1,401
Average Rock County Tax Bill
$1,430
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Edgerton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56128 | $708 | $826 | $1,401 | $1,628 | $2,635 |
Source: Ownwell