Santiago, Minnesota Property Taxes
The median property tax rate in Santiago, MN is 0.87%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Santiago at $159,900, the typical annual property tax bill amounts to $1,390, significantly below the national median of $2,690. Property taxes in Santiago are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Santiago'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 Santiago 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
Santiago, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,391
Ownwell’s Santiago Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Santiago with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Santiago 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 Santiago, Minnesota
Property taxes in Santiago, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Santiago is 0.87%, which is slightly below the U.S. national median of 0.99%. Local government entities within Santiago set these rates annually, and they can vary significantly across different neighborhoods. Each year, Santiago 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 Santiago's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55377 has both the highest and lowest median property tax rate of 0.87%. Understanding how these areas compare with Santiago provides valuable insights into the varying tax landscape across Sherburne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Santiago Tax Rate
0.87%
Average Sherburne County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Santiago, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55377 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Santiago, Minnesota
In Santiago, 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 Sherburne 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 Santiago, 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. Santiago's median home price stands at $159,900, with the highest and lowest median tax bills both being $1,390 in zip code 55377. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Santiago Assessed Value
$159,900
Average Sherburne County Assessed Value
$345,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Santiago, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55377 | $159,900 | $159,900 | $159,900 | $159,900 | $159,900 |
Source: Ownwell
Property Tax Bills Across Santiago, Minnesota
In Santiago, located in Sherburne County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in Santiago is $159,900. Property taxes are then calculated by applying the local tax rate to this assessed value. In Santiago, the property tax bills at the 25th, 75th, and 90th percentiles are all $1,390, indicating a consistent tax rate across various property values. This tax rate is crucial for homeowners as it directly affects their annual financial obligations. Compared to the national median property tax rate of 0.99%, Santiago's property tax rate results in a tax bill that aligns with the assessed home values in the area. Homeowners must consider these taxes when budgeting for their annual expenses, as they can significantly impact the overall cost of owning property in Santiago.
Average Santiago Tax Bill
$1,390
Average Sherburne County Tax Bill
$3,686
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Santiago, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55377 | $1,390 | $1,390 | $1,390 | $1,390 | $1,390 |
Source: Ownwell