Olmsted County Property Taxes
The median property tax rate in Olmsted County is 1.24%, which is significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Olmsted County at $264,500, the typical annual property tax bill reaches $3,296, which is well above the national median of $2,690. Property taxes in Olmsted County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Olmsted County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Rochester or another part of Olmsted County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Olmsted County 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 Olmsted County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Olmsted County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Olmsted County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Olmsted County, Minnesota
Property taxes in Olmsted County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Olmsted County is 1.24%, which is higher than the U.S. national median of 0.99%. Local government entities within Olmsted County set these rates annually, and they can vary significantly between different areas within the county. Each year, Olmsted County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Olmsted County's effective property tax rate with other counties in Minnesota and the national median. For comparison, the city of Byron has one of the higher property tax rates in Minnesota at 1.64%, while the city of Elgin boasts one of the lowest at 0.82%. Analyzing how Olmsted County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olmsted County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Byron | 1.09% | 1.55% | 1.64% | 1.71% | 1.71% |
| Chatfield | 0.94% | 1.00% | 1.61% | 1.69% | 1.77% |
| Dover | 0.99% | 1.24% | 1.34% | 1.41% | 1.44% |
| Elgin | 0.74% | 0.79% | 0.82% | 0.84% | 0.90% |
| Eyota | 0.92% | 1.03% | 1.34% | 1.42% | 1.65% |
| Hayfield | 0.78% | 0.81% | 0.82% | 0.84% | 0.85% |
| Kasson | 0.92% | 1.00% | 1.06% | 1.09% | 1.11% |
| Mantorville | 1.00% | 1.06% | 1.15% | 1.21% | 1.22% |
| Mazeppa | 0.95% | 1.00% | 1.16% | 1.24% | 1.27% |
| Oronoco | 0.88% | 0.98% | 1.16% | 1.32% | 1.43% |
| Pine Island | 0.95% | 0.98% | 1.55% | 1.68% | 1.71% |
| Plainview | 0.79% | 0.79% | 0.83% | 0.83% | 0.91% |
| Rochester | 1.03% | 1.18% | 1.23% | 1.27% | 1.28% |
| Saint Charles | 0.84% | 0.86% | 0.87% | 0.88% | 0.99% |
| Sargeant | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| Stewartville | 0.97% | 1.33% | 1.41% | 1.48% | 1.48% |
| Zumbro Falls | 0.97% | 0.98% | 1.13% | 1.14% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Olmsted County, Minnesota
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Olmsted County. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Olmsted County Appraisal District. The assessed value, however, 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. Assessment notices in Olmsted County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. The city of Mantorville has the highest median tax bill at $5,596, while Elgin has the lowest at $2,107. Being aware of these valuation processes in Olmsted County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Olmsted County, Minnesota
Source: Ownwell
$207,000
$346,050
$485,100
Average Olmsted County Assessed Value
$264,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olmsted County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Byron | $192,390 | $237,225 | $295,200 | $401,775 | $504,240 |
| Chatfield | $36,800 | $164,450 | $207,000 | $266,700 | $398,500 |
| Dover | $115,300 | $173,600 | $230,400 | $297,700 | $378,300 |
| Elgin | $62,240 | $161,575 | $248,650 | $297,625 | $369,340 |
| Eyota | $128,200 | $186,900 | $234,900 | $313,400 | $412,700 |
| Hayfield | $188,420 | $213,050 | $268,600 | $298,100 | $343,100 |
| Kasson | $241,280 | $276,650 | $352,050 | $424,475 | $435,290 |
| Mantorville | $245,910 | $372,225 | $485,100 | $587,000 | $693,560 |
| Mazeppa | $7,300 | $10,900 | $246,600 | $260,200 | $333,540 |
| Oronoco | $46,740 | $143,625 | $325,350 | $486,425 | $595,130 |
| Pine Island | $167,480 | $197,500 | $304,900 | $385,850 | $486,980 |
| Plainview | $80,060 | $215,650 | $267,000 | $352,500 | $393,180 |
| Rochester | $143,100 | $209,500 | $266,500 | $375,100 | $510,590 |
| Saint Charles | $16,390 | $217,875 | $318,350 | $357,900 | $407,310 |
| Sargeant | $459,900 | $459,900 | $459,900 | $459,900 | $459,900 |
| Stewartville | $31,900 | $152,775 | $221,750 | $282,200 | $375,500 |
| Zumbro Falls | $196,160 | $298,650 | $449,100 | $570,800 | $658,260 |
Source: Ownwell
Property Tax Bills Across Olmsted County, Minnesota
In Olmsted County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in the county is $264,500, with property tax rates contributing significantly to the annual tax bill. Several factors influence these calculations, including the property's assessed value, local tax levies, and any applicable exemptions or deductions. For homeowners, the tax bill can vary widely. For instance, the 25th percentile tax bill is around $2,486, while the 75th percentile tax bill reaches $4,656. At the higher end, the 90th percentile tax bill can be as much as $6,296. In comparison, the national median property tax rate is 0.99%, highlighting the variability within the county. The city of Mantorville has the highest median tax bill at $5,596, whereas Elgin has the lowest at $2,107. These differences underscore the impact of location and assessed property values on tax obligations, affecting homeowners' financial planning and housing affordability within Olmsted County.
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Olmsted County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Byron | $2,710 | $3,676 | $4,511 | $6,186 | $8,155 |
| Chatfield | $383 | $2,280 | $3,186 | $3,986 | $4,880 |
| Dover | $1,460 | $2,276 | $3,036 | $3,916 | $4,877 |
| Elgin | $503 | $1,402 | $2,107 | $2,438 | $3,138 |
| Eyota | $1,447 | $2,496 | $3,134 | $3,951 | $4,860 |
| Hayfield | $1,469 | $1,684 | $2,192 | $2,455 | $3,173 |
| Kasson | $2,230 | $2,774 | $3,805 | $4,530 | $4,807 |
| Mantorville | $2,531 | $4,002 | $5,596 | $7,116 | $8,455 |
| Mazeppa | $93 | $135 | $2,280 | $2,839 | $3,413 |
| Oronoco | $494 | $2,028 | $3,954 | $5,828 | $7,345 |
| Pine Island | $2,006 | $2,894 | $4,049 | $5,278 | $6,253 |
| Plainview | $662 | $1,829 | $2,118 | $2,877 | $3,514 |
| Rochester | $1,626 | $2,480 | $3,234 | $4,600 | $6,228 |
| Saint Charles | $165 | $1,781 | $2,748 | $3,116 | $3,875 |
| Sargeant | $4,104 | $4,104 | $4,104 | $4,104 | $4,104 |
| Stewartville | $452 | $1,997 | $3,062 | $3,956 | $5,171 |
| Zumbro Falls | $2,338 | $3,269 | $4,136 | $6,188 | $7,179 |
Source: Ownwell