Blooming Prairie, Minnesota Property Taxes
The median property tax rate in Blooming Prairie, MN is 0.97%, slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $324,200 in Blooming Prairie, the typical annual property tax bill amounts to $3,097, 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 those for primary residences and agricultural properties. 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, mastering 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
0.97%
Estimate Property Tax Bill
$3,145
Ownwell’s Blooming Prairie Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating 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 provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 0.97%, slightly lower than 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 other areas in Mower County and the national median. For comparison, the zip code 55917 has the highest median property tax rate of 0.97%, while the lowest median tax rate is also 0.97%. Understanding how these rates compare with Blooming Prairie provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blooming Prairie Tax Rate
0.97%
Average Mower County Tax Rate
1.19%
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 | 0.39% | 0.65% | 0.97% | 1.02% | 1.05% |
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 Mower County 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. 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. The zip code 55917 has both the highest and lowest median tax bill of $3,097 in the area.
Property Tax Assessment Values Across Blooming Prairie, Minnesota
Source: Ownwell
$126,100
$294,650
$463,200
Average Blooming Prairie Assessed Value
$324,200
Average Mower County Assessed Value
$155,900
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 | $136,510 | $224,825 | $324,200 | $507,750 | $1,028,670 |
Source: Ownwell
Property Tax Bills Across Blooming Prairie, Minnesota
In Blooming Prairie, Mower County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is then applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $324,200, homeowners in Blooming Prairie can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $1,929, whereas at the 75th percentile, it rises to approximately $3,906. For those at the 90th percentile, the bill can reach up to $5,309. These amounts are influenced by various factors, including the property's location, size, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Blooming Prairie's tax rates reflect the specific needs and budgets of the local government. High property taxes can impact homeowners by increasing their annual expenses, while lower taxes can provide some financial relief. Understanding these factors can help homeowners anticipate their financial commitments and plan accordingly.
Average Blooming Prairie Tax Bill
$3,097
Average Mower County Tax Bill
$1,856
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 | $1,075 | $1,929 | $3,097 | $3,906 | $5,309 |
Source: Ownwell