Sargeant, Minnesota Property Taxes
The median property tax rate in Sargeant, MN is 0.89%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $459,900 in Sargeant, the typical annual property tax bill amounts to $4,104, surpassing the national median of $2,690. Property taxes in Sargeant are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Sargeant'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 Sargeant 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
Sargeant, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$4,093
Ownwell’s Sargeant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sargeant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sargeant 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 Sargeant, Minnesota
Property taxes in Sargeant, Minnesota, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Sargeant is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Sargeant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sargeant 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 Sargeant's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55973 has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with Sargeant 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 Sargeant Tax Rate
0.89%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sargeant, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55973 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Sargeant, Minnesota
In Sargeant, 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 county assessor 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 Sargeant, 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. For example, the highest and lowest median tax bills in Sargeant are both $4,104, found in the 55973 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sargeant Assessed Value
$459,900
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 Sargeant, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55973 | $459,900 | $459,900 | $459,900 | $459,900 | $459,900 |
Source: Ownwell
Property Tax Bills Across Sargeant, Minnesota
In Sargeant, located in Olmsted County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and then applies an assessment ratio. The resulting assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Sargeant, the tax bills are notably uniform, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $4,104. This consistency suggests a stable tax environment within the area. Homeowners should be aware that their property taxes contribute to local services such as schools, infrastructure, and emergency services. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax rates. For those in Sargeant, understanding these factors can help in budgeting and financial planning, ensuring that they are prepared for their annual property tax obligations.
Average Sargeant Tax Bill
$4,104
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Sargeant, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55973 | $4,104 | $4,104 | $4,104 | $4,104 | $4,104 |
Source: Ownwell