Oslo, Minnesota Property Taxes
The median property tax rate in Oslo, MN is 0.99%, aligning with the national median but lower than the Minnesota state median of 1.11%. With a median home value of $206,750 in Oslo, the typical annual property tax bill is approximately $1,968, which is below the national median of $2,690. Property taxes in Oslo are determined based on the tax assessed value, which often benefits from various exemptions such as primary residence and agricultural exemptions, resulting in a value typically lower than the market value. Understanding Oslo'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 Oslo 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
Oslo, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$2,047
Ownwell’s Oslo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oslo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oslo 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 Oslo, Minnesota
Property taxes in Oslo, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oslo is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Oslo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oslo 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 Oslo's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56744 has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Oslo provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oslo Tax Rate
0.99%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oslo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56744 | 0.79% | 0.94% | 0.99% | 1.04% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Oslo, Minnesota
In Oslo, 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 Polk 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 Oslo, 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. For example, the median home price in Oslo is $206,750, with tax bills ranging from $1,608 at the 25th percentile to $4,798 at the 90th percentile. The highest and lowest median tax bill in the area is $1,968, both found in the 56744 zip code. 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 Oslo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oslo Assessed Value
$206,750
Average Polk County Assessed Value
$183,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oslo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56744 | $132,440 | $171,900 | $206,750 | $298,175 | $712,430 |
Source: Ownwell
Property Tax Bills Across Oslo, Minnesota
Property tax bills in Oslo, located in Polk County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is meant to reflect the market value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and any improvements can influence the assessed value, thereby affecting the tax bill. For homeowners in Oslo, this means that owning a median-priced home valued at $206,750 could result in varying tax bills. For example, the tax bill at the 25th percentile is around $1,608, while at the 75th percentile, it rises to $3,254. At the 90th percentile, it can reach as high as $4,798. These figures highlight the range of property tax burdens homeowners may face, depending on their property's assessed value and specific tax rate applied. The national median property tax rate stands at 0.99%, providing a benchmark for comparison.
Average Oslo Tax Bill
$1,968
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Oslo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56744 | $1,339 | $1,608 | $1,968 | $3,254 | $4,798 |
Source: Ownwell