Elko New Market, Scott County, Minnesota Property Taxes

Name: Property Tax Bills Across Elko New Market, Scott County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Elko New Market, MN effective property tax rate: 1.08%, slightly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Elko New Market, MN home value: $428,200
Median annual Elko New Market, MN tax bill: $4,585, $2,185 higher than the national median property tax bill of $2,400.

How are property taxes in Scott County 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, Scott County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.08%

Estimate Property Tax Bill

$4,625

$4,291

Ownwell’s Elko New Market Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elko New Market with just two data points.

By entering your property's estimated assessed value, our calculator applies Elko New Market’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 Scott County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Elko New Market, Scott County, Minnesota

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. In Elko New Market in Scott County, the effective property tax rate reflects this process. The median property tax rate in Minnesota is 1.08%, which is slightly above the national median of 1.02%. Within the state, the highest median tax rate is 1.21% in the 55020 zip code, while the lowest is 1.07% in the 55054 zip code. These variations highlight the importance of understanding local tax rates when evaluating property tax obligations. By comparing Elko New Market’s effective property tax rate to other cities in Minnesota and the national median, property owners can gain valuable insights into their tax responsibilities.

Property Tax Rates Across Elko New Market, Scott County, Minnesota

Source: Ownwell

0.81%

1.11%

1.41%

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

1.08%

Median Effective Scott County Tax Rate

1.07%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Elko New Market, Scott County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55020	0.70%	0.82%	1.21%	1.26%	1.28%
55054	0.98%	1.06%	1.07%	1.12%	1.21%

Source: Ownwell

Property Tax Assessment Values Across Elko New Market, Scott 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 Scott County Assessor's Office 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 Scott 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 $428,200, with tax bills ranging significantly across the county. Zip code 55020 has the highest median home price at $470,100.

Property Tax Assessment Values Across Elko New Market, Scott County, Minnesota

Source: Ownwell

$302,200

$478,575

$654,950

Median Elko New Market Market Value

$428,200

Median Scott County Market Value

$388,100

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Elko New Market, Scott County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55020	$289,880	$391,700	$470,100	$560,700	$688,220
55054	$272,500	$332,700	$383,400	$433,600	$467,000

Source: Ownwell

Property Tax Bills Across Elko New Market, Scott County, Minnesota

In Elko New Market, located in Scott County, MN, property tax bills are determined by assessing the property's market value and applying the local tax rate. With a median home price of $428,200, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $3,644, while the 75th percentile reaches $5,398, and the 90th percentile can go as high as $6,348. These figures are notably higher than the national median property tax bill of $2,400, highlighting the importance for homeowners to ensure their assessments are accurate. Factors such as property improvements, neighborhood changes, and local government budgets can influence the assessed value, impacting the final tax bill. Ownwell offers valuable assistance by helping homeowners appeal inaccurate assessments and identify potential exemptions. By leveraging their expertise, homeowners can potentially reduce their tax bills, ensuring they only pay their fair share. This can lead to significant savings, particularly in areas like Scott County, where tax bills tend to be on the higher side.

Property Tax Bills Across Elko New Market, Scott County, Minnesota

Source: Ownwell

$3,700

$4,925

$6,150

Median Elko New Market Tax Bill

$4,585

Median Scott County Tax Bill

$4,100

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Elko New Market, Scott County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55020	$2,936	$3,789	$4,888	$5,792	$6,680
55054	$2,456	$3,539	$4,262	$4,797	$5,287

Source: Ownwell

Don't miss the deadline to appeal!

Dates

Links
Scott Tax Assessor
Website	publicaccess.scottcountymn.gov