Elko New Market, Dakota County, Minnesota Property Taxes
Median Elko New Market, MN effective property tax rate: 1.01%, slightly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Elko New Market, MN home value: $807,400
Median annual Elko New Market, MN tax bill: $8,152, $5,752 higher than the national median property tax bill of $2,400.
How are property taxes in Dakota calculated?
Property taxes in Elko New Market, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Elko New Market’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Elko New Market, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Elko New Market, Dakota County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.01%
Estimate Property Tax Bill
$8,155
$7,567
Property Tax Rates Across Elko New Market, Dakota County, Minnesota
Local government entities determine tax rates, and these can vary significantly within a state. This is because each county, like Dakota, calculates its required budget annually to fund essential services and then divides that by the total value of all taxable property within its jurisdiction. This calculation establishes the property tax rate. Although votes and legal frameworks play a role in setting these rates and budgets, this is the core of the annual process.
Now, let's compare Elko New Market's effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S. Elko New Market, situated in Dakota County, offers a unique perspective on property taxes. The median property tax rate in Minnesota is slightly below the national median of 1.02%. This comparison provides valuable insights into how property taxes in Elko New Market align with broader state and national trends. Understanding these differences can help property owners make informed decisions about their investments and financial planning.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Elko New Market Tax Rate
1.01%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Dakota County Tax Rate
1.06%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Elko New Market, Dakota County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55020 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Elko New Market, Dakota County, Minnesota
When examining property taxes in Elko New Market, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Dakota County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices: In Dakota County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Elko New Market. For example, the median home price in Elko New Market is $807,400, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Elko New Market, Dakota County, Minnesota
Source: Ownwell
$9,600
$684,300
$1,359,000
Median Elko New Market Market Value
$807,400
Median Dakota County Market Value
$344,300
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Elko New Market, Dakota County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55020 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Elko New Market, Dakota County, Minnesota
In Elko New Market, Minnesota, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the market value, and local tax rates are applied to this assessed value to calculate the property tax bill. In Dakota County, where Elko New Market is located, the property tax bill can vary significantly, with a median value that is notably higher than the national median property tax bill of $2,400. Homeowners in this area may find their tax bills to be a substantial expense, impacting their overall financial planning.
Ownwell offers a solution by assisting homeowners in appealing their property tax assessments and identifying potential exemptions. By leveraging expert knowledge and experience, Ownwell can help homeowners ensure their property is fairly assessed, potentially reducing their tax burden. This service not only helps homeowners save money but also provides peace of mind, knowing their property taxes are being managed effectively.
Median Elko New Market Tax Bill
$8,152
Median Dakota County Tax Bill
$3,728
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Elko New Market, Dakota County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55020 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Don't miss the deadline to appeal!
Dates |
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Links | |
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| Dakota Tax Assessor | |
| Website | gis.co.dakota.mn.us |
