Afton, Minnesota Property Taxes
The median property tax rate in Afton, MN is 0.92%, slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $595,600 in Afton, the typical annual property tax bill amounts to $5,542, significantly higher than the national median of $2,690. Property taxes in Afton 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 Afton'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 Afton 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
Afton, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Afton Property Tax Bill Calculator enables homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Afton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Afton 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 Afton, Minnesota
Property taxes in Afton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Afton is 1.11%, higher than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Afton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Afton 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 Afton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55001 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Afton provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Afton Tax Rate
0.92%
Average Washington County Tax Rate
1.12%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Afton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55001 | 0.87% | 0.88% | 0.92% | 0.95% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Afton, Minnesota
In Afton, 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 Washington 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 Afton, 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 Afton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Afton is $595,600, with the highest and lowest median tax bills recorded at $5,542 in the 55001 zip code.
Average Afton Assessed Value
$595,600
Average Washington County Assessed Value
$376,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Afton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55001 | $380,580 | $468,550 | $595,600 | $749,050 | $987,360 |
Source: Ownwell
Property Tax Bills Across Afton, Minnesota
In Afton, located in Washington County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $595,600, the property tax bill varies significantly. Homeowners at the 25th percentile pay around $4,228, while those at the 75th percentile face bills of approximately $7,167. At the 90th percentile, the tax bill can reach up to $9,544. Several factors influence these amounts, including property location, size, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Afton’s property tax rates reflect the area's market conditions and local government funding needs. For homeowners, understanding these calculations is crucial as property taxes represent a significant annual expense, impacting overall affordability and financial planning.
Average Afton Tax Bill
$5,542
Average Washington County Tax Bill
$4,148
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Afton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55001 | $3,406 | $4,228 | $5,542 | $7,167 | $9,544 |
Source: Ownwell