Albertville, Minnesota Property Taxes
The median property tax rate in Albertville, MN is 1.12%, which is higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Albertville at $352,550, the typical annual property tax bill reaches $3,856, significantly exceeding the national median of $2,690. Property taxes in Albertville 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 Albertville'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 Albertville 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
Albertville, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$3,949
Ownwell’s Albertville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albertville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albertville 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 Albertville, Minnesota
Property taxes in Albertville, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albertville is 1.12%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Albertville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albertville 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 Albertville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55301 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Albertville provides valuable insights into the varying tax landscape across Wright County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albertville Tax Rate
1.12%
Average Wright County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albertville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55301 | 0.98% | 1.05% | 1.12% | 1.17% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Albertville, Minnesota
In Albertville, 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 Wright County Assessor 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 Albertville, 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 Albertville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Albertville is $352,550, with tax bills ranging from $3,168 at the 25th percentile to $5,553 at the 90th percentile. The zip code 55301 has the highest and lowest median tax bill of $3,856.
Property Tax Assessment Values Across Albertville, Minnesota
Source: Ownwell
$71,500
$728,600
$1,385,700
Average Albertville Assessed Value
$352,550
Average Wright County Assessed Value
$352,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albertville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55301 | $246,100 | $298,000 | $352,550 | $421,500 | $497,250 |
Source: Ownwell
Property Tax Bills Across Albertville, Minnesota
In Albertville, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For example, in Wright County, where Albertville is located, the median home price is $352,550. Homeowners in the 25th percentile pay around $3,168 annually, while those in the 75th percentile see bills of about $4,690. At the 90th percentile, the tax bill can reach $5,553. This variability in tax bills can significantly impact homeowners, affecting their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, these figures highlight the importance of understanding local tax rates and assessed values when budgeting for homeownership in Albertville.
Average Albertville Tax Bill
$3,856
Average Wright County Tax Bill
$3,554
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Albertville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55301 | $2,554 | $3,168 | $3,856 | $4,690 | $5,553 |
Source: Ownwell