Sacred Heart, Minnesota Property Taxes
The median property tax rate in Sacred Heart, MN is 1.25%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Sacred Heart, the typical annual property tax bill reaches $1,592, exceeding the national median of $2,690. Property taxes in Sacred Heart are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sacred Heart'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 Sacred Heart 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
Sacred Heart, 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 Sacred Heart Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sacred Heart with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sacred Heart 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 Sacred Heart, Minnesota
Property taxes in Sacred Heart, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sacred Heart is 1.25%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Sacred Heart set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sacred Heart 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 Sacred Heart's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56285 has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Sacred Heart provides valuable insights into the varying tax landscape across Renville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sacred Heart Tax Rate
1.25%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sacred Heart, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56285 | 0.37% | 0.71% | 1.25% | 2.55% | 3.81% |
Source: Ownwell
Property Tax Assessment Values Across Sacred Heart, Minnesota
In Sacred Heart, 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 Renville 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. 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 Sacred Heart helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Sacred Heart are both $1592, found in the 56285 zip code.
Property Tax Assessment Values Across Sacred Heart, Minnesota
Source: Ownwell
$75,700
$568,450
$1,061,200
Average Sacred Heart Assessed Value
$112,700
Average Renville County Assessed Value
$142,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sacred Heart, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56285 | $17,300 | $56,750 | $112,700 | $259,350 | $525,620 |
Source: Ownwell
Property Tax Bills Across Sacred Heart, Minnesota
In Sacred Heart, property tax bills are calculated based on the assessed value of a property and the local tax rate set by Renville County. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Sacred Heart can expect their tax bills to vary widely. For instance, the tax bill at the 25th percentile is $956, while at the 75th percentile, it reaches $2,492. Those in the 90th percentile see tax bills as high as $3,240. The median home price in Sacred Heart is $112,700, and the property tax rate is compared against the national median property tax rate of 0.99%. This variability in tax bills significantly impacts homeowners, especially when compared to other regions. High property taxes can affect affordability and the overall cost of owning a home. Conversely, lower tax rates can offer some financial relief but might also reflect on local public service funding. Such factors are crucial for homeowners to consider when budgeting for property ownership in Sacred Heart.
Average Sacred Heart Tax Bill
$1,592
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Sacred Heart, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56285 | $496 | $956 | $1,592 | $2,492 | $3,240 |
Source: Ownwell