Blooming Prairie, Minnesota Property Taxes
The median property tax rate in Blooming Prairie, MN is 0.93%, slightly below the national median of 0.99% and notably lower than the Minnesota state median of 1.11%. With a median home value of $428,750 in Blooming Prairie, the typical annual property tax bill is $3,680, surpassing the national median of $2,690. Property taxes in Blooming Prairie are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Blooming Prairie'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 Blooming Prairie 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
Blooming Prairie, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$3,987
Ownwell’s Blooming Prairie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Blooming Prairie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blooming Prairie 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 Blooming Prairie, Minnesota
Property taxes in Blooming Prairie, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blooming Prairie is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Blooming Prairie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blooming Prairie 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 Blooming Prairie's effective property tax rate to the national median. For comparison, the 55917 zip code has both the highest and lowest median property tax rate in the area at 0.93%. Understanding how these cities compare with Blooming Prairie provides valuable insights into the varying tax landscape across Dodge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blooming Prairie Tax Rate
0.93%
Average Dodge County Tax Rate
1.28%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blooming Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55917 | 0.38% | 0.59% | 0.93% | 1.03% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Blooming Prairie, Minnesota
In Blooming Prairie, 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 Dodge County Assessor's Office 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 Blooming Prairie, 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. For instance, the median home price in Blooming Prairie is $428,750, with the 25th percentile tax bill being $2,582 and the 75th percentile tax bill reaching $4,796. The highest and lowest median tax bills in the area are both $3,680, found in the 55917 zip code. 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 Blooming Prairie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Blooming Prairie, Minnesota
Source: Ownwell
$226,900
$387,350
$547,800
Average Blooming Prairie Assessed Value
$428,750
Average Dodge County Assessed Value
$291,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blooming Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55917 | $216,400 | $298,625 | $428,750 | $604,825 | $1,249,440 |
Source: Ownwell
Property Tax Bills Across Blooming Prairie, Minnesota
In Blooming Prairie, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price here is $428,750, and property taxes are influenced by this value. Local taxing authorities apply a tax rate to the assessed value to determine the annual tax bill. In Dodge County, the median property tax bill is $3,680, which is higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the home's market value, local tax rates, and any applicable exemptions or deductions. For instance, homeowners in the 25th percentile might pay around $2,582, while those in the 75th percentile could see bills as high as $4,796. At the 90th percentile, tax bills can reach up to $5,986. These variations significantly impact homeowners, affecting their annual budgets and long-term financial planning. Understanding these factors can help homeowners anticipate their tax obligations and seek potential relief through exemptions or appeals.
Average Blooming Prairie Tax Bill
$3,680
Average Dodge County Tax Bill
$3,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Blooming Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55917 | $1,928 | $2,582 | $3,680 | $4,796 | $5,986 |
Source: Ownwell