Elrosa, Minnesota Property Taxes
The median property tax rate in Elrosa, MN is 0.86%, 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 Elrosa at $157,900, the typical annual property tax bill is $1,407, falling below the national median of $2,690. Property taxes in Elrosa are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Elrosa'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 Elrosa 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
Elrosa, 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 Elrosa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elrosa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elrosa 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 Elrosa, Minnesota
Property taxes in Elrosa, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elrosa is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Elrosa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elrosa 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 Elrosa's effective property tax rate to other areas in Stearns County and the national median. For comparison, the zip code 56325 has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these areas compare with Elrosa 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 Elrosa Tax Rate
0.86%
Average Stearns County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elrosa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56325 | 0.72% | 0.80% | 0.86% | 0.92% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Elrosa, Minnesota
In Elrosa, 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 Elrosa, 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. The median home price in Elrosa is $157,900, and understanding the distinction between these valuation concepts can help property owners better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the median tax bill in the 56325 zip code is $1,407. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elrosa Assessed Value
$157,900
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 Elrosa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56325 | $45,200 | $114,700 | $157,900 | $197,000 | $290,900 |
Source: Ownwell
Property Tax Bills Across Elrosa, Minnesota
In Elrosa, located in Stearns County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $157,900, homeowners in Elrosa can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $966, while those in the 75th percentile pay approximately $1,770. At the higher end, the 90th percentile tax bill can reach up to $2,609 annually. Several factors influence the tax bill, including changes in property values, local government budgets, and specific tax levies for schools, infrastructure, and public services. Compared to the national median property tax rate of 0.99%, Elrosa's property tax rates reflect the local economic conditions and funding requirements. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Elrosa Tax Bill
$1,407
Average Stearns County Tax Bill
$2,818
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Elrosa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56325 | $434 | $966 | $1,407 | $1,770 | $2,609 |
Source: Ownwell