Monticello, Wright County, Minnesota Property Taxes

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

Median Monticello, MN effective property tax rate: 0.91%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Monticello, MN home value: $326,800
Median annual Monticello, MN tax bill: $2,996, $596 higher than the national median property tax bill of $2,400.

How are property taxes in Wright County calculated?

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

Last Updated March 1, 2025

Monticello, Wright County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.91%

Estimate Property Tax Bill

$2,974

$2,760

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

Property Tax Rates Across Monticello, Wright County, Minnesota

Local government entities set tax rates, and these can vary significantly within a state. Each year, counties like Wright in Minnesota estimate the budget needed to provide essential services and divide this by the total value of all taxable property within their jurisdiction. This calculation determines the property tax rate. Although the process involves votes and laws, this is the basic annual procedure. Monticello, located in Wright County, has an effective property tax rate of 0.91%. This rate is notably lower than the national median property tax rate of 1.02%. Comparatively, Monticello’s rate reflects the median for both the highest and lowest rates within its zip code, 55362. Understanding these rates is crucial for property owners seeking to manage their expenses effectively. By comparing Monticello’s rate to other cities in Minnesota and the broader U.S., property owners can gain valuable insights into their tax liabilities. This knowledge empowers property owners to make informed decisions about property tax appeals and exemptions, potentially leading to significant savings.

Property Tax Rates Across Monticello, Wright County, Minnesota

Source: Ownwell

0.68%

0.91%

1.13%

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 Monticello Tax Rate

0.91%

Median Effective Wright County Tax Rate

1.04%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Monticello, Wright County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55362	0.73%	0.82%	0.91%	0.96%	1.01%

Source: Ownwell

Property Tax Assessment Values Across Monticello, Wright County, Minnesota

When examining property taxes in Monticello, 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 Wright 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 Wright 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 Monticello.

For example, the median home price in Monticello is $326,800, with tax bills ranging significantly across the county. The 55362 zip code has the highest median home price at $326,800.

Property Tax Assessment Values Across Monticello, Wright County, Minnesota

Source: Ownwell

$271,300

$421,175

$571,050

Median Monticello Market Value

$326,800

Median Wright County Market Value

$352,100

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Monticello, Wright County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55362	$220,600	$272,100	$326,800	$405,900	$542,500

Source: Ownwell

Property Tax Bills Across Monticello, Wright County, Minnesota

In Monticello, Wright County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. With a median home price of $326,800, homeowners in Monticello can expect their property tax bills to vary. For instance, tax bills range from $2,522 at the 25th percentile to $4,583 at the 90th percentile, highlighting the variability in tax obligations. The median tax bill in the area is $2,996, slightly above the national median of $2,400, reflecting the local market conditions and tax rates. High property taxes can impact homeowners by increasing the cost of owning a home. Ownwell offers a solution by helping homeowners navigate the appeal process, potentially lowering their assessed values and, consequently, their tax bills. By leveraging expert knowledge and local market insights, Ownwell assists homeowners in reducing their property tax burden, leading to significant savings.

Property Tax Bills Across Monticello, Wright County, Minnesota

Source: Ownwell

$2,768

$4,012

$5,255

Median Monticello Tax Bill

$2,996

Median Wright County Tax Bill

$3,554

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Monticello, Wright County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55362	$2,118	$2,522	$2,996	$3,635	$4,583

Source: Ownwell