Rothsay, Minnesota Property Taxes
The median property tax rate in Rothsay, MN is 0.83%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Rothsay at $193,400, the typical annual property tax bill comes to $1,701, significantly less than the national median of $2,690. Property taxes in Rothsay are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Rothsay'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 Rothsay 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
Rothsay, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,605
Ownwell’s Rothsay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rothsay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rothsay 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 Rothsay, Minnesota
Property taxes in Rothsay, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rothsay is 0.83%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Rothsay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rothsay 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 Rothsay's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56579 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Rothsay provides valuable insights into the varying tax landscape across Wilkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rothsay Tax Rate
0.83%
Average Wilkin County Tax Rate
0.90%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rothsay, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56579 | 0.36% | 0.66% | 0.83% | 1.34% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Rothsay, Minnesota
In Rothsay, 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 Wilkin 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 Rothsay, 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 Rothsay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rothsay is $193,400, with the lowest and highest median tax bills both at $1,701 in the 56579 zip code.
Average Rothsay Assessed Value
$193,400
Average Wilkin County Assessed Value
$164,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rothsay, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56579 | $73,320 | $122,750 | $193,400 | $355,400 | $695,840 |
Source: Ownwell
Property Tax Bills Across Rothsay, Minnesota
In Rothsay, located in Wilkin County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and improvements. For instance, the median home price in Rothsay is $193,400. Homeowners in the 25th percentile pay around $1,166 annually, while those in the 75th percentile face bills of about $2,794. At the 90th percentile, tax bills can reach up to $3,941. Comparatively, Rothsay’s property tax rates are competitive, considering the national median property tax rate of 0.99%. This can significantly impact homeowners, as higher property taxes can affect overall housing affordability and long-term financial planning. Understanding these factors helps homeowners anticipate their annual financial obligations.
Average Rothsay Tax Bill
$1,701
Average Wilkin County Tax Bill
$1,424
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Rothsay, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56579 | $693 | $1,166 | $1,701 | $2,794 | $3,941 |
Source: Ownwell