Tracy, Redwood County, Minnesota Property Taxes

Name: Property Tax Bills Across Tracy, Redwood County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Tracy, MN effective property tax rate: 0.68%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Tracy, MN home value: $278,350
Median annual Tracy, MN tax bill: $1,894, $506 lower than the national median property tax bill of $2,400.

How are property taxes in Redwood calculated?

Property taxes in Tracy, 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 Tracy’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Tracy, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Tracy, Redwood County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.68%

Estimate Property Tax Bill

$1,893

$1,756

Ownwell’s Tracy Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tracy with just two data points. By entering your property's estimated assessed value, our calculator applies Tracy’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 Redwood County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Tracy, Redwood County, Minnesota

Local government entities in Tracy, located in Redwood County, MN, determine property tax rates, which can vary significantly across the state. Each year, the county calculates its budgetary needs for public services and divides that by the total assessed value of all taxable properties within its borders. This calculation results in the property tax rate. While this process involves votes and legislative measures, this is the annual routine in a nutshell. Tracy's effective property tax rate provides an interesting comparison to other cities in Minnesota and the broader U.S. context. Minnesota's median property tax rate is lower than the national median, which stands at 1.02%. Tracy aligns with this trend, reflecting the state's generally moderate property tax landscape. Understanding these dynamics is crucial for property owners seeking to manage their tax liabilities effectively. By keeping an eye on these trends, property owners can make informed decisions about potential appeals or exemptions, ensuring they only pay their fair share.

Property Tax Rates Across Tracy, Redwood County, Minnesota

Source: Ownwell

0.66%

1.24%

1.83%

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 Tracy Tax Rate

0.68%

Median Effective Redwood County Tax Rate

1.19%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Tracy, Redwood County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
56175	0.55%	0.64%	0.68%	0.73%	0.82%

Source: Ownwell

Property Tax Assessment Values Across Tracy, Redwood County, Minnesota

When examining property taxes in Tracy, 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 Redwood 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 Redwood 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 Tracy. For example, the median home price in Tracy is $278,350, with tax bills ranging significantly across the county. Zip code 56175 has the highest median home price at $278,350.

Property Tax Assessment Values Across Tracy, Redwood County, Minnesota

Source: Ownwell

$46,650

$175,025

$303,400

Median Tracy Market Value

$278,350

Median Redwood County Market Value

$117,650

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Tracy, Redwood County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
56175	$191,050	$214,200	$278,350	$360,825	$404,350

Source: Ownwell

Property Tax Bills Across Tracy, Redwood County, Minnesota

In Tracy, located in Redwood County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. With a median home price of $278,350, homeowners in Tracy can expect their property tax bills to vary widely, with the 25th percentile at $1,430 and the 75th percentile reaching $2,554. The tax bill at the 90th percentile can climb to $3,298, which is above the national median property tax bill of $2,400. These figures indicate that property tax rates in Tracy can significantly impact homeowners' finances. Ownwell helps homeowners in Tracy by providing property tax appeal and exemption services. By analyzing property data and market trends, Ownwell identifies opportunities to reduce assessed values, potentially lowering tax bills and ensuring homeowners are not overpaying. With expert guidance, homeowners can navigate the complexities of property taxes and achieve substantial savings.

Property Tax Bills Across Tracy, Redwood County, Minnesota

Source: Ownwell

$786

$1,464

$2,142

Median Tracy Tax Bill

$1,894

Median Redwood County Tax Bill

$1,276

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Tracy, Redwood County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
56175	$1,204	$1,430	$1,894	$2,554	$3,298

Source: Ownwell