Altura, Minnesota Property Taxes
The median property tax rate in Altura, MN is 0.64%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $178,500 in Altura, the typical annual property tax bill amounts to $1,170, which is also below the national median of $2,690. Property taxes in Altura are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Altura's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Altura or another part of Wabasha County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Altura, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,142
Ownwell’s Altura Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Altura with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altura 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 Altura, Minnesota
Property taxes in Altura, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Altura is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Altura set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altura 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 Altura's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55910 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Altura provides valuable insights into the varying tax landscape across Wabasha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altura Tax Rate
0.64%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altura, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55910 | 0.48% | 0.58% | 0.64% | 0.69% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Altura, Minnesota
In Altura, 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 Wabasha 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 Altura, 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 Altura helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Altura is $178,500, with tax bills ranging from $774 at the 25th percentile to $2,971 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 55910, with a median tax bill of $1,170.
Average Altura Assessed Value
$178,500
Average Wabasha County Assessed Value
$243,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altura, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55910 | $27,550 | $121,475 | $178,500 | $330,850 | $728,900 |
Source: Ownwell
Property Tax Bills Across Altura, Minnesota
In Altura, Wabasha County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. The local tax rate is then applied to this assessed value to calculate the tax bill. This rate can vary depending on local government budgets and funding needs for services like schools, infrastructure, and public safety. For homeowners in Altura, this means that a property with a median home price of $178,500 could see varying tax bills. For instance, the 25th percentile tax bill is $774, while the 75th percentile reaches $2,048, and the 90th percentile goes up to $2,971. These figures illustrate the range of property tax burdens that homeowners might face, influenced by factors such as property value and local tax rates. By comparison, the national median property tax rate is 0.99%, highlighting how local conditions can significantly impact tax bills.
Average Altura Tax Bill
$1,170
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Altura, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55910 | $201 | $774 | $1,170 | $2,048 | $2,971 |
Source: Ownwell