Cold Spring, Minnesota Property Taxes
The median property tax rate in Cold Spring, MN is 0.98%, slightly below the Minnesota state median of 1.11% but quite close to the national median of 0.99%. With the median home value in Cold Spring at $313,900, the typical annual property tax bill amounts to $3,059, surpassing the national median of $2,690. Property taxes in Cold Spring are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Cold Spring'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 Cold Spring 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
Cold Spring, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$3,076
Ownwell’s Cold Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cold Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cold Spring 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 Cold Spring, Minnesota
Property taxes in Cold Spring, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cold Spring is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Cold Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cold Spring 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 Cold Spring's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56320 has both the highest and lowest median property tax rate of 0.98%. Understanding how these cities compare with Cold Spring 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 Cold Spring Tax Rate
0.98%
Average Stearns County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cold Spring, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56320 | 0.84% | 0.91% | 0.98% | 1.08% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Cold Spring, Minnesota
In Cold Spring, 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 Cold Spring, 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 Cold Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cold Spring are both $3,059, found in the zip code 56320.
Property Tax Assessment Values Across Cold Spring, Minnesota
Source: Ownwell
$46,500
$587,250
$1,128,000
Average Cold Spring Assessed Value
$313,900
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 Cold Spring, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56320 | $169,240 | $225,350 | $313,900 | $436,700 | $629,120 |
Source: Ownwell
Property Tax Bills Across Cold Spring, Minnesota
In Cold Spring, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Cold Spring is $313,900, and the property tax rate is applied to this assessed value to calculate the tax bill. Several factors are considered, including the home's market value, any applicable exemptions, and the local tax rate set by Stearns County. The tax bill can vary significantly among homeowners. For instance, the 25th percentile tax bill is $2,316, while the 75th percentile tax bill reaches $4,218. At the 90th percentile, homeowners might see a tax bill as high as $5,772. These variations illustrate how different property values and exemptions can influence the final amount. For homeowners, understanding these factors is crucial as they directly impact the annual financial obligations tied to homeownership. Comparing these figures to the national median property tax rate of 0.99% can provide additional context for Cold Spring residents on how their local taxes measure up.
Average Cold Spring Tax Bill
$3,059
Average Stearns County Tax Bill
$2,818
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cold Spring, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56320 | $1,670 | $2,316 | $3,059 | $4,218 | $5,772 |
Source: Ownwell