Chatfield, Minnesota Property Taxes
The median property tax rate in Chatfield, MN is 0.78%, noticeably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Chatfield at $335,300, the typical annual property tax bill reaches $2,556, which is below the national median of $2,690. Property taxes in Chatfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chatfield'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 Chatfield 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
Chatfield, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$2,615
Ownwell’s Chatfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chatfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chatfield 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 Chatfield, Minnesota
Property taxes in Chatfield, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chatfield is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Chatfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chatfield 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 Chatfield's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55923 has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Chatfield provides valuable insights into the varying tax landscape across Winona County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chatfield Tax Rate
0.78%
Average Winona County Tax Rate
0.91%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chatfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55923 | 0.42% | 0.58% | 0.78% | 0.80% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Chatfield, Minnesota
In Chatfield, 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 Winona 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 Chatfield, 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 Chatfield is $335,300, with tax bills ranging from $2,140 at the 25th percentile to $3,628 at the 90th percentile. The zip code 55923 has both the highest and lowest median tax bill at $2,556. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chatfield Assessed Value
$335,300
Average Winona County Assessed Value
$212,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chatfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55923 | $280,120 | $304,800 | $335,300 | $462,900 | $652,900 |
Source: Ownwell
Property Tax Bills Across Chatfield, Minnesota
In Chatfield, located in Winona County, 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 property tax rate to determine the annual tax bill. For homeowners in Chatfield, the median home price is $335,300. This results in a median property tax bill of approximately $2,556, which falls below the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property improvements, market conditions, and local government budgets. Homeowners in the 25th percentile can expect to pay around $2,140, while those in the 75th percentile may see tax bills closer to $3,251. At the higher end, the 90th percentile tax bill reaches about $3,628. Understanding these factors is crucial for homeowners as it directly impacts their annual expenses and overall financial planning.
Average Chatfield Tax Bill
$2,556
Average Winona County Tax Bill
$1,884
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Chatfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55923 | $1,815 | $2,140 | $2,556 | $3,251 | $3,628 |
Source: Ownwell