Sanborn, Minnesota Property Taxes
The median property tax rate in Sanborn, MN is 1.00%, slightly above the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $84,550 in Sanborn, the typical annual property tax bill amounts to $786, which is significantly below the national median of $2,690. Property taxes in Sanborn are determined based on the assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Familiarizing yourself with Sanborn's property tax system and exploring available exemptions can lead to notable annual savings. Whether you're in the heart of Sanborn or another part of Redwood County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Sanborn, Minnesota 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 SANBORN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SANBORN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SANBORN 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 Sanborn, Minnesota
Property taxes in Sanborn, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sanborn is 1.00%, slightly above the U.S. national median of 0.99%. Local government entities within Sanborn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sanborn 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 Sanborn's effective property tax rate to other areas in Minnesota and the national median. For comparison, the ZIP code 56083 has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Sanborn provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sanborn Tax Rate
1.00%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sanborn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56083 | 0.63% | 0.91% | 1.00% | 1.20% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Sanborn, Minnesota
In Sanborn, 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 Redwood 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. 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. The median home price in Sanborn is $84,550, with tax bills ranging from $475 at the 25th percentile to $1,842 at the 90th percentile. Notably, the zip code 56083 has both the highest and lowest median tax bill at $786. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sanborn Assessed Value
$84,550
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sanborn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56083 | $21,130 | $45,775 | $84,550 | $143,125 | $237,070 |
Source: Ownwell
Property Tax Bills Across Sanborn, Minnesota
In Sanborn, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Redwood County. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Sanborn experience a range of property tax bills, with the 25th percentile paying around $475, while those in the 75th percentile see bills closer to $1,310. The highest median tax bill in the area is $786, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any applicable exemptions. These taxes fund essential services like public education, infrastructure, and emergency services, impacting the overall quality of life. For homeowners, understanding these factors can help in managing their financial responsibilities and planning for future expenses. Comparing local tax rates to the national average highlights the relative affordability of property taxes in Sanborn, making it an attractive location for potential homeowners.
Average Sanborn Tax Bill
$786
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Sanborn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56083 | $280 | $475 | $786 | $1,310 | $1,842 |
Source: Ownwell