Elysian, Minnesota Property Taxes
The median property tax rate in Elysian, MN is 0.99%, aligning with the national median of 0.99% but slightly lower than Minnesota's state median of 1.11%. With a median home value of $294,200 in Elysian, the typical annual property tax bill amounts to $2,314, which is below the national median of $2,690. Property taxes in Elysian are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Elysian's property tax system, exploring all available exemptions, and identifying potential reductions can lead to substantial annual savings. Whether you're residing in the heart of Elysian or elsewhere in the city, familiarizing yourself with the local property tax intricacies will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elysian, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$2,913
Ownwell’s Elysian Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Elysian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elysian to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Elysian, Minnesota
Property taxes in Elysian, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elysian is 0.99%, aligning with both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Elysian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elysian 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 Elysian's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56028 has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Elysian provides valuable insights into the varying tax landscape across Waseca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elysian Tax Rate
0.99%
Average Waseca County Tax Rate
1.46%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elysian, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56028 | 0.42% | 0.76% | 0.99% | 1.03% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Elysian, Minnesota
In Elysian, 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 Waseca County Assessor's Office 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 Elysian, 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. For instance, the median home price in Elysian is $294,200, with tax bills ranging from $1,720 at the 25th percentile to $5,416 at the 90th percentile. The zip code 56028 has both the highest and lowest median tax bill at $2,314. 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 Elysian helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elysian Assessed Value
$294,200
Average Waseca County Assessed Value
$185,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elysian, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56028 | $81,700 | $191,950 | $294,200 | $475,450 | $595,500 |
Source: Ownwell
Property Tax Bills Across Elysian, Minnesota
In Elysian, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $294,200, the property tax rate in Waseca County directly influences the final tax obligation. Homeowners in Elysian face varying tax bills, with the 25th percentile tax bill at $1,720 and the 75th percentile reaching $4,085. At the 90th percentile, the tax bill can be as high as $5,416. These variations are influenced by factors such as property location, improvements, and market conditions. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Elysian to understand how local rates and assessed values impact their finances. The highest and lowest median tax bill in the area is $2,314, indicating a relatively consistent tax landscape within the zip code 56028. This consistency helps homeowners anticipate their tax responsibilities more accurately.
Average Elysian Tax Bill
$2,314
Average Waseca County Tax Bill
$2,536
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Elysian, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56028 | $606 | $1,720 | $2,314 | $4,085 | $5,416 |
Source: Ownwell