Stephen, Minnesota Property Taxes
The median property tax rate in Stephen, MN is 0.80%, 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 $106,800 in Stephen, the typical annual property tax bill amounts to $852, significantly below the national median of $2,690. Property taxes in Stephen are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Stephen's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Stephen or another part of Marshall County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stephen, 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 Stephen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stephen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stephen 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 Stephen, Minnesota
Property taxes in Stephen, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stephen is 0.80%, which is lower than the Minnesota state median and the U.S. national median of 0.99%. Local government entities in Stephen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stephen 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 Stephen's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56757 zip code has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with Stephen provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stephen Tax Rate
0.80%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stephen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56757 | 0.50% | 0.68% | 0.80% | 0.97% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Stephen, Minnesota
In Stephen, 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 Marshall 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 Stephen, 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 Stephen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 56757 has the highest and lowest median tax bill at $852.
Average Stephen Assessed Value
$106,800
Average Marshall County Assessed Value
$114,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stephen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56757 | $11,320 | $51,850 | $106,800 | $162,200 | $220,180 |
Source: Ownwell
Property Tax Bills Across Stephen, Minnesota
In Stephen, located in Marshall County, MN, property tax bills are calculated based on the assessed value of your home. This assessed value is determined by local assessors who evaluate your property's market value. The tax rate applied to this assessed value influences your final tax bill. With a median home price of $106,800, homeowners in Stephen can expect varying tax bills. For example, the 25th percentile tax bill is around $355, while those in the 75th percentile pay about $1350. At the 90th percentile, the tax bill reaches approximately $1916. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can affect the assessed value and, subsequently, the tax bill. Compared to the national median property tax rate of 0.99%, Stephen's rates are relatively moderate, but they still represent a significant expense for homeowners. Understanding these factors can help homeowners anticipate their property tax obligations and plan accordingly.
Average Stephen Tax Bill
$852
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Stephen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56757 | $84 | $355 | $852 | $1,350 | $1,916 |
Source: Ownwell