Peterson, Minnesota Property Taxes
The median property tax rate in Peterson, MN is 0.63%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Peterson, the typical annual property tax bill reaches $1,556, which is significantly less than the national median of $2,690. Property taxes in Peterson 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 Peterson'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 Peterson 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
Peterson, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,484
Ownwell’s Peterson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peterson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peterson 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 Peterson, Minnesota
Property taxes in Peterson, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peterson is 0.63%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Peterson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peterson 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 Peterson's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55962 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these areas compare with Peterson provides valuable insights into the varying tax landscape across Fillmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peterson Tax Rate
0.63%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peterson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55962 | 0.25% | 0.40% | 0.63% | 0.86% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Peterson, Minnesota
In Peterson, 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 Fillmore 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 Peterson, 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 Peterson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Peterson is $1,556 in the 55962 zip code, while the lowest median tax bill is also $1,556 in the same zip code.
Average Peterson Assessed Value
$235,550
Average Fillmore County Assessed Value
$193,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Peterson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55962 | $51,560 | $116,425 | $235,550 | $459,050 | $812,330 |
Source: Ownwell
Property Tax Bills Across Peterson, Minnesota
In Peterson, located in Fillmore County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The property tax rate in this region is applied to the assessed value to derive the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners in Peterson, the median home price is $235,550. Property tax bills can vary significantly, with the 25th percentile at $867, the 75th percentile at $2301, and the 90th percentile reaching $3338. These figures indicate a broad range of tax burdens depending on property value and other assessed factors. Compared to the national median property tax rate of 0.99%, homeowners in Peterson experience a diverse range of tax obligations. Understanding how these factors interplay helps homeowners anticipate their annual property tax bills and plan their finances accordingly.
Average Peterson Tax Bill
$1,556
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Peterson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55962 | $374 | $867 | $1,556 | $2,301 | $3,338 |
Source: Ownwell