Plainview, Minnesota Property Taxes
The median property tax rate in Plainview, MN is 0.83%, 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 $267,000 in Plainview, the typical annual property tax bill amounts to $2,118, falling below the national median of $2,690. Property taxes in Plainview are determined based on the tax assessed value, which often is less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Plainview'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 Plainview or another part of Olmsted County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Plainview, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$2,216
Ownwell’s Plainview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Plainview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Plainview 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 Plainview, Minnesota
Property taxes in Plainview, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Plainview is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Plainview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Plainview 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 Plainview's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55964 has both the highest and lowest median property tax rates of 0.83%. Understanding how these cities compare with Plainview provides valuable insights into the varying tax landscape across Olmsted County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Plainview Tax Rate
0.83%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Plainview, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55964 | 0.79% | 0.79% | 0.83% | 0.83% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Plainview, Minnesota
In Plainview, 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 Olmsted 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 Plainview, 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 Plainview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Plainview is $267,000, with the 25th percentile tax bill at $1,829 and the 75th percentile tax bill at $2,877. Notably, the highest and lowest median tax bill in the area are both $2,118, found in zip code 55964.
Average Plainview Assessed Value
$267,000
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 Plainview, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55964 | $80,060 | $215,650 | $267,000 | $352,500 | $393,180 |
Source: Ownwell
Property Tax Bills Across Plainview, Minnesota
In Plainview, located in Olmsted County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $267,000, homeowners can expect a tax bill that varies significantly depending on their property's assessed value and specific location within the city. Factors such as property size, location, and improvements can influence the assessed value, leading to varying tax bills. In Plainview, the tax bill at the 25th percentile is $1,829, while at the 75th percentile, it is $2,877. The highest median tax bill recorded is $2,118 in the 55964 zip code. These property tax bills impact homeowners by contributing to the overall cost of homeownership and influencing decisions on property investments and improvements.
Average Plainview Tax Bill
$2,118
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Plainview, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55964 | $662 | $1,829 | $2,118 | $2,877 | $3,514 |
Source: Ownwell