Bowlus, Minnesota Property Taxes
The median property tax rate in Bowlus, MN is 0.59%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Bowlus at $402,850, the typical annual property tax bill amounts to $2,475, which is below the national median of $2,690. Property taxes in Bowlus are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bowlus'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 Bowlus or another part of Stearns County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bowlus, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$2,377
Ownwell’s Bowlus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bowlus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bowlus 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 Stearns County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bowlus, Minnesota
Property taxes in Bowlus, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bowlus is 0.59%, significantly lower than the U.S. national median of 0.99%. Local government entities within Bowlus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bowlus 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 Bowlus's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56314 zip code has both the highest and the lowest median property tax rate of 0.59%. Understanding how these cities compare with Bowlus provides valuable insights into the varying tax landscape across Stearns County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bowlus Tax Rate
0.59%
Average Stearns County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bowlus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56314 | 0.25% | 0.39% | 0.59% | 0.83% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Bowlus, Minnesota
In Bowlus, 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 Stearns 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 Bowlus, 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 Bowlus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $2,475, specifically in the 56314 zip code.
Average Bowlus Assessed Value
$402,850
Average Stearns County Assessed Value
$269,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bowlus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56314 | $200,280 | $316,150 | $402,850 | $569,425 | $704,000 |
Source: Ownwell
Property Tax Bills Across Bowlus, Minnesota
Property tax bills in Bowlus, located in Stearns County, MN, are calculated based on the assessed value of a property, which is determined by local assessors. This value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Bowlus is $402,850, which serves as a benchmark for estimating property taxes. Homeowners in Bowlus can expect their tax bills to vary significantly. For instance, tax bills at the 25th percentile are around $1,546, while those at the 75th percentile reach $3,426. At the 90th percentile, tax bills can climb to $4,588. These figures reflect the range of property values and the corresponding tax obligations. The highest and lowest median tax bill in the area is $2,475, specifically in the 56314 zip code. Compared to the national median property tax rate of 0.99%, Bowlus homeowners may find their tax rates either higher or lower, impacting their overall financial planning and homeownership costs.
Average Bowlus Tax Bill
$2,475
Average Stearns County Tax Bill
$2,818
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bowlus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56314 | $1,193 | $1,546 | $2,475 | $3,426 | $4,588 |
Source: Ownwell