Sandstone, Minnesota Property Taxes
The median property tax rate in Sandstone, MN is 0.66%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Sandstone, the typical annual property tax bill reaches $2,188, which is below the national median of $2,690. Property taxes in Sandstone are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sandstone's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Sandstone or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sandstone, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$2,485
Ownwell’s Sandstone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sandstone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sandstone to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Sandstone, Minnesota
Property taxes in Sandstone, Minnesota, are essential for funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Sandstone is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Sandstone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sandstone estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Sandstone's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55072 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Sandstone provides valuable insights into the varying tax landscape across Aitkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sandstone Tax Rate
0.66%
Average Aitkin County Tax Rate
0.51%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sandstone, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55072 | 0.39% | 0.58% | 0.66% | 0.85% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Sandstone, Minnesota
In Sandstone, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Aitkin County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Sandstone, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Sandstone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,188, found in the 55072 zip code.
Average Sandstone Assessed Value
$376,500
Average Aitkin County Assessed Value
$189,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sandstone, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55072 | $221,620 | $288,400 | $376,500 | $417,100 | $588,800 |
Source: Ownwell
Property Tax Bills Across Sandstone, Minnesota
In Sandstone, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. Various factors influence the assessed value, including the home's market value, location, and any improvements made to the property. Homeowners in Sandstone, located in Aitkin County, experience property tax bills that can vary significantly. For instance, the 25th percentile tax bill is around $1,304, while the 75th percentile tax bill reaches about $3,566. The 90th percentile tax bill can go up to $5,172, highlighting the range of property taxes in the area. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting community quality of life. Therefore, understanding how property tax bills are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Sandstone Tax Bill
$2,188
Average Aitkin County Tax Bill
$932
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Sandstone, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55072 | $990 | $1,304 | $2,188 | $3,566 | $5,172 |
Source: Ownwell