Chokio, Minnesota Property Taxes
The median property tax rate in Chokio, MN is 0.75%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $138,550 in Chokio, the typical annual property tax bill amounts to $1,041, well below the national median of $2,690. Property taxes in Chokio are calculated based on the assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Chokio'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 Chokio or another part of Big Stone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chokio, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Chokio Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chokio with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chokio 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 Chokio, Minnesota
Property taxes in Chokio, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chokio is 0.75%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Chokio set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chokio 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 Chokio's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56221 has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Chokio provides valuable insights into the varying tax landscape across Big Stone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chokio Tax Rate
0.75%
Average Big Stone County Tax Rate
1.13%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chokio, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56221 | 0.59% | 0.66% | 0.75% | 1.26% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Chokio, Minnesota
In Chokio, 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 Big Stone 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 Chokio, 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. Chokio's median home price stands at $138,550, with tax bills ranging from $912 at the 25th percentile to $1,992 at the 90th percentile. The highest and lowest median tax bills are both $1,041, found in zip code 56221. Being aware of these valuation processes in Chokio helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chokio Assessed Value
$138,550
Average Big Stone County Assessed Value
$88,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chokio, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56221 | $65,800 | $110,025 | $138,550 | $160,425 | $168,100 |
Source: Ownwell
Property Tax Bills Across Chokio, Minnesota
In Chokio, located in Big Stone County, MN, property tax bills are calculated using the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Chokio, the median home price is $138,550. Property tax bills vary significantly, with the 25th percentile at $912 and the 75th percentile at $1229. At the 90th percentile, the tax bill can reach up to $1992. These figures highlight that while some homeowners may pay below the national median property tax rate of 0.99%, others may experience higher rates, impacting their overall financial planning. Understanding these factors is crucial for homeowners to anticipate their annual property tax expenses and manage their budgets effectively.
Average Chokio Tax Bill
$1,041
Average Big Stone County Tax Bill
$908
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Chokio, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56221 | $690 | $912 | $1,041 | $1,229 | $1,992 |
Source: Ownwell