Saint James, Minnesota Property Taxes
The median property tax rate in Saint James, MN is 0.52%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Saint James at $334,200, the typical annual property tax bill reaches $1,612, which is significantly less than the national median of $2,690. Property taxes in Saint James 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 Saint James'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 Saint James 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
Saint James, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$1,738
Ownwell’s Saint James Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Saint James with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Saint James 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 Saint James, Minnesota
Property taxes in Saint James, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Saint James is 0.52%, which is lower than the U.S. national median of 0.99%. Local government entities within Saint James set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saint James 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 Saint James's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56081 zip code has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Saint James provides valuable insights into the varying tax landscape across Watonwan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Saint James Tax Rate
0.52%
Average Brown County Tax Rate
1.37%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saint James, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56081 | 0.27% | 0.30% | 0.52% | 0.67% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Saint James, Minnesota
In Saint James, 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 local county assessor 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 Saint James, 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 Saint James helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Saint James is $334,200, with the highest and lowest median tax bills both at $1,612 in zip code 56081.
Average Saint James Assessed Value
$334,200
Average Brown County Assessed Value
$152,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Saint James, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56081 | $108,650 | $147,225 | $334,200 | $562,575 | $742,600 |
Source: Ownwell
Property Tax Bills Across Saint James, Minnesota
In Saint James, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in the area is $334,200. Property taxes take into account various factors, including the market value of the property, local tax rates, and applicable exemptions. For instance, the median property tax bill in Saint James is $1,612, reflecting the local tax rate and assessed property values. Homeowners in Saint James may see tax bills ranging from $1,020 at the 25th percentile to $2,268 at the 75th percentile, with the 90th percentile reaching up to $2,935. These figures highlight the variability in property tax bills based on property values and assessment accuracy. Compared to the national median property tax rate of 0.99%, Saint James residents experience a relatively moderate tax burden. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Saint James Tax Bill
$1,612
Average Brown County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Saint James, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56081 | $736 | $1,020 | $1,612 | $2,268 | $2,935 |
Source: Ownwell