Vesta, Minnesota Property Taxes
The median property tax rate in Vesta, MN is 0.36%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $807,050 in Vesta, the typical annual property tax bill is $2,454, which is below the national median of $2,690. Property taxes in Vesta are determined based on the tax assessed value, generally lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Vesta's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Vesta or another part of Yellow Medicine County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vesta, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$2,905
Ownwell’s Vesta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vesta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vesta 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 Vesta, Minnesota
Property taxes in Vesta, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vesta is 0.36%, which is significantly lower than both the Minnesota state median of 0.88% and the U.S. national median of 0.99%. Local government entities within Vesta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vesta 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 Vesta's effective property tax rate to other counties in Minnesota and the national median. For comparison, ZIP code 55401 has the highest median property tax rate of 1.12%, while ZIP code 56101 has the lowest median tax rate of 0.72%. Understanding how these cities compare with Vesta 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 Vesta Tax Rate
0.36%
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 Vesta, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56292 | 0.24% | 0.29% | 0.36% | 0.44% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Vesta, Minnesota
In Vesta, 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 Yellow Medicine 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 Vesta, 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. The median home price in Vesta is $807,050, with the 25th percentile tax bill at $2,395 and the 75th percentile tax bill at $2,513. 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 zip code 56292 has both the highest and lowest median tax bill at $2,454. Being aware of these valuation processes in Vesta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vesta Assessed Value
$807,050
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 Vesta, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56292 | $561,330 | $653,475 | $807,050 | $960,625 | $1,052,770 |
Source: Ownwell
Property Tax Bills Across Vesta, Minnesota
In Vesta, located in Yellow Medicine County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $807,050, homeowners in Vesta can expect their property tax bills to vary. The tax bill at the 25th percentile is $2,395, while at the 75th percentile, it's $2,513, and at the 90th percentile, it reaches $2,548. These figures illustrate the range of tax bills homeowners might encounter, depending on the specific assessed value of their property and the tax rate applied. Compared to the national median property tax rate of 0.99%, Vesta's property tax rates and bills reflect a localized approach that considers market values and county-specific rates. This system ensures that homeowners contribute fairly to local services and infrastructure, directly impacting their community's quality of life.
Average Vesta Tax Bill
$2,454
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 Vesta, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56292 | $2,360 | $2,395 | $2,454 | $2,513 | $2,548 |
Source: Ownwell