Montevideo, Minnesota Property Taxes
The median property tax rate in Montevideo, MN is 0.66%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $214,950 in Montevideo, the typical annual property tax bill reaches $1,370, which is significantly below the national median of $2,690. Property taxes in Montevideo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Montevideo'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 Montevideo 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
Montevideo, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,419
Ownwell’s Montevideo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montevideo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montevideo 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 Montevideo, Minnesota
Property taxes in Montevideo, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Montevideo is 0.66%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Montevideo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montevideo 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 Montevideo's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56265 zip code has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Montevideo provides valuable insights into the varying tax landscape across Chippewa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montevideo Tax Rate
0.66%
Average Swift County Tax Rate
0.99%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montevideo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56265 | 0.58% | 0.59% | 0.66% | 0.73% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Montevideo, Minnesota
In Montevideo, 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 Swift 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 Montevideo, 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 Montevideo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Montevideo is 56265, both at $1370.
Average Montevideo Assessed Value
$214,950
Average Swift County Assessed Value
$128,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montevideo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56265 | $155,530 | $178,075 | $214,950 | $244,925 | $255,050 |
Source: Ownwell
Property Tax Bills Across Montevideo, Minnesota
In Montevideo, located in Swift County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any improvements made. In Montevideo, the median home price is $214,950. Homeowners in the area can expect their tax bills to vary, with the 25th percentile at $1,236, the 75th percentile at $1,536, and the 90th percentile at $1,826. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Montevideo's rates highlight the localized nature of property tax calculations and their direct effect on community funding.
Average Montevideo Tax Bill
$1,370
Average Swift County Tax Bill
$1,162
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Montevideo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56265 | $1,001 | $1,236 | $1,370 | $1,536 | $1,826 |
Source: Ownwell