Rose Creek, Minnesota Property Taxes
The median property tax rate in Rose Creek, MN is 1.14%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Rose Creek, the typical annual property tax bill reaches $2,140, slightly below the national median of $2,690. Property taxes in Rose Creek 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 Rose Creek'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 Rose Creek 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
Rose Creek, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$2,207
Ownwell’s Rose Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rose Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rose Creek 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 Rose Creek, Minnesota
Property taxes in Rose Creek, Minnesota, are essential for funding key local services, including public schools, road maintenance, and emergency services. The median tax rate in Rose Creek is 1.14%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Rose Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rose Creek 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 Rose Creek's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55970 zip code has the highest median property tax rate of 1.14%, while the 55970 zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Rose Creek 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 Rose Creek Tax Rate
1.14%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rose Creek, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55970 | 0.35% | 0.63% | 1.14% | 1.52% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Rose Creek, Minnesota
In Rose Creek, 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 Mower 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 Rose Creek, 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 Rose Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Rose Creek is $193,600. The tax bill at the 25th percentile is $1,202, while at the 75th percentile, it is $3,322. The highest median tax bill is $2,140 in the 55970 zip code, which also has the lowest median tax bill at $2,140.
Average Rose Creek Assessed Value
$193,600
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 Rose Creek, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55970 | $22,500 | $103,900 | $193,600 | $364,600 | $938,440 |
Source: Ownwell
Property Tax Bills Across Rose Creek, Minnesota
In Rose Creek, located in Mower County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value considers factors like the property’s market value, size, and location. The local tax rate, set by various taxing authorities such as school districts, municipalities, and counties, is then applied to this assessed value to determine the annual property tax bill. For homeowners in Rose Creek, the property tax rate can significantly impact their finances. With a median home price of $193,600, property tax bills can vary widely. For example, the tax bill at the 25th percentile is $1,202, while it climbs to $3,322 at the 75th percentile, and can reach up to $4,876 at the 90th percentile. Comparing these figures to the national median property tax rate of 0.99%, it's clear that property taxes in Rose Creek can be a substantial expense for homeowners, influencing their overall cost of living and financial planning.
Average Rose Creek Tax Bill
$2,140
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Rose Creek, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55970 | $332 | $1,202 | $2,140 | $3,322 | $4,876 |
Source: Ownwell