Fairmont, Martin County, Minnesota Property Taxes
Median Fairmont, MN effective property tax rate: 1.17%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Fairmont, MN home value: $145,200
Median annual Fairmont, MN tax bill: $1,560, $840 lower than the national median property tax bill of $2,400.
How are property taxes in Martin County calculated?
Property taxes in Fairmont, 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 Fairmont’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Fairmont, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Fairmont, Martin County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.17%
Estimate Property Tax Bill
$1,699
$1,576
Ownwell’s Fairmont Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fairmont with just two data points.
By entering your property's estimated assessed value, our calculator applies Fairmont’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Martin County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Fairmont, Martin County, Minnesota
Local government entities determine tax rates, which can differ significantly within a state. This variation occurs because each county annually estimates its budget needs to provide essential services, then divides this amount by the total value of all taxable property within its jurisdiction. This calculation establishes the property tax rate. While votes and laws play a role in setting these rates and budgets, this is essentially the annual procedure.
In Fairmont, located in Martin County, the effective property tax rate stands at 1.17%. This rate is notably higher than the national median property tax rate of 1.02%. However, it is consistent with the median property tax rate for the state of Minnesota, which is also 1.17%. This consistency suggests that Fairmont's property tax rate aligns with state norms, though it exceeds the national average. As property tax rates impact homeowners' financial planning, understanding these figures is crucial. Comparing Fairmont’s rate with other cities in Minnesota and the broader U.S. median can provide valuable insights for property owners looking to manage their tax liabilities effectively.
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 Fairmont Tax Rate
1.17%
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 Martin County Tax Rate
1.14%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Fairmont, Martin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56031 | 0.68% | 0.95% | 1.17% | 1.33% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Fairmont, Martin County, Minnesota
When examining property taxes in Fairmont, 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 Martin County Appraisal District 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.
In Martin 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 Fairmont.
For example, the median home price in Fairmont is $145,200, with tax bills ranging significantly across the county. Zip code 56031 has the highest median home price at $145,200.
Property Tax Assessment Values Across Fairmont, Martin County, Minnesota
Source: Ownwell
$46,300
$190,975
$335,650
Median Fairmont Market Value
$145,200
Median Martin County Market Value
$139,200
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Fairmont, Martin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56031 | $47,780 | $81,300 | $145,200 | $262,200 | $424,200 |
Source: Ownwell
Property Tax Bills Across Fairmont, Martin County, Minnesota
In Fairmont, located in Martin County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The median home price in Fairmont is $145,200. Homeowners in Fairmont can expect a median property tax bill of $1,560, which is below the national median of $2,400. This tax rate reflects the local government's need to fund public services such as schools, roads, and emergency services. Tax bills can vary significantly, with the 25th percentile at $870 and the 90th percentile reaching $4,495, influenced by factors such as property size, location, and improvements.
Ownwell can assist homeowners in Fairmont by reviewing their property assessments to ensure they are fair and accurate. If discrepancies are found, Ownwell can help file an appeal to potentially lower the tax bill. This service can lead to significant savings, providing peace of mind and financial relief for homeowners facing high property taxes.
Median Fairmont Tax Bill
$1,560
Median Martin County Tax Bill
$1,428
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Fairmont, Martin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56031 | $528 | $870 | $1,560 | $2,772 | $4,495 |
Source: Ownwell