Rochester, Minnesota Property Taxes
The median property tax rate in Rochester, MN is 0.62%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Rochester at $433,350, the typical annual property tax bill amounts to $3,231, surpassing the national median of $2,690. Property taxes in Rochester 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 Rochester'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 Rochester or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rochester, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$2,687
Ownwell’s Rochester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rochester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rochester 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 Rochester, Minnesota
Property taxes in Rochester, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rochester is 0.62%, significantly lower than the U.S. national median of 0.99%. Local government entities within Rochester set these rates annually, and they can vary across different neighborhoods. Each year, Rochester 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 Rochester's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55906 zip code has a median property tax rate of 0.62%. Understanding how these cities compare with Rochester 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 Rochester Tax Rate
0.62%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rochester, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55906 | 0.30% | 0.41% | 0.62% | 0.79% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Rochester, Minnesota
In Rochester, 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 Rochester, 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 Rochester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 55906 at $3,231, which is notably higher than the national median property tax rate of 0.99%.
Average Rochester Assessed Value
$433,350
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 Rochester, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55906 | $264,430 | $343,925 | $433,350 | $808,600 | $1,303,730 |
Source: Ownwell
Property Tax Bills Across Rochester, Minnesota
In Rochester, MN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local assessor's office and reflects the market value of the property. Once the property’s assessed value is established, the local tax rate is applied to calculate the tax bill. The median home price in Rochester is approximately $433,350, and property tax bills can vary significantly based on the home's value and location. For instance, the tax bill at the 25th percentile is $2,570, while at the 75th percentile, it rises to $3,763. At the 90th percentile, homeowners may see tax bills as high as $4,964. Notably, the highest median tax bill in the area is $3,231, found in the 55906 zip code. These property taxes fund essential community services such as schools, public safety, and infrastructure. Homeowners in Rochester should be aware of these factors, as they directly impact their annual financial obligations and the overall affordability of their homes.
Average Rochester Tax Bill
$3,231
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Rochester, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55906 | $1,857 | $2,570 | $3,231 | $3,763 | $4,964 |
Source: Ownwell