Echo, Minnesota Property Taxes
The median property tax rate in Echo, MN is 0.94%, slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Echo, the typical annual property tax bill reaches $1,308, which falls short of the national median of $2,690. Property taxes in Echo are calculated based on the tax assessed value, which is usually lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Echo's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Echo or another part of Yellow Medicine County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Echo, 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 ECHO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ECHO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ECHO 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 Echo, Minnesota
Property taxes in Echo, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Echo is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Echo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Echo 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 Echo's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56237 zip code has the highest median property tax rate of 0.94%, while the 56237 zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Echo provides valuable insights into the varying tax landscape across Yellow Medicine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Echo Tax Rate
0.94%
Average Yellow Medicine County Tax Rate
1.38%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Echo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56237 | 0.24% | 0.47% | 0.94% | 1.66% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Echo, Minnesota
In Echo, 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 local 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 Echo, 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. The median home price in Echo is $135,550, with tax bills ranging from $698 at the 25th percentile to $4,575 at the 90th percentile. The zip code with the highest median tax bill is 56237, at $1,308. Being aware of these valuation processes in Echo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Echo Assessed Value
$135,550
Average Yellow Medicine County Assessed Value
$131,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Echo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56237 | $22,210 | $56,375 | $135,550 | $382,525 | $1,565,730 |
Source: Ownwell
Property Tax Bills Across Echo, Minnesota
In ECHO, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the property's market value, location, and any applicable exemptions or deductions play a significant role in this calculation. For instance, the median home price in ECHO is $135,550. Homeowners in the 25th percentile can expect a tax bill of around $698, while those in the 75th percentile might see bills as high as $2,395. The 90th percentile tax bill reaches up to $4,575. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how ECHO's rates stack up. Higher property taxes can impact homeowners by increasing the cost of owning a home, potentially affecting affordability and long-term financial planning. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual financial obligations.
Average Echo Tax Bill
$1,308
Average Yellow Medicine County Tax Bill
$1,634
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Echo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56237 | $282 | $698 | $1,308 | $2,395 | $4,575 |
Source: Ownwell