Millville, Minnesota Property Taxes
The median property tax rate in Millville, MN is 0.67%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Millville at $300,550, the typical annual property tax bill reaches $2,075, which is below the national median of $2,690. Property taxes in Millville are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Millville'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 Millville 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
Millville, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$2,014
Ownwell’s Millville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millville 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 Millville, Minnesota
Property taxes in Millville, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millville is 0.67%, lower than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Millville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millville 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 Millville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55957 zip code has the highest median property tax rate of 0.67%, while the 55957 zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Millville 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 Millville Tax Rate
0.67%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55957 | 0.32% | 0.52% | 0.67% | 0.74% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Millville, Minnesota
In Millville, 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 Millville, 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 Millville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Millville, both at $2,075, occur in the 55957 zip code.
Average Millville Assessed Value
$300,550
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 Millville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55957 | $110,310 | $193,225 | $300,550 | $518,500 | $1,260,230 |
Source: Ownwell
Property Tax Bills Across Millville, Minnesota
In Millville, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or changes made to the property. For homeowners in Millville, the median home price is $300,550. Property tax bills can vary significantly; for instance, the 25th percentile tax bill is $1,350, while the 75th percentile reaches $3,051, and the 90th percentile can be as high as $4,502. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in Millville should be aware of these factors as they directly impact their annual expenses. Understanding how property taxes are calculated can help homeowners anticipate their tax bills and plan their finances accordingly.
Average Millville Tax Bill
$2,075
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Millville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55957 | $822 | $1,350 | $2,075 | $3,051 | $4,502 |
Source: Ownwell