Osakis, Minnesota Property Taxes
The median property tax rate in Osakis, MN is 0.55%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Osakis at $1,128,000, the typical annual property tax bill reaches $4,892, which is higher than the national median of $2,690. Property taxes in Osakis 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 Osakis'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 Osakis 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
Osakis, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$6,204
Ownwell’s Osakis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osakis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osakis 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 Osakis, Minnesota
Property taxes in Osakis, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osakis is 0.55%, which is below the U.S. national median of 0.99%. Local government entities within Osakis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osakis 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 Osakis's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56360 has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Osakis 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 Osakis Tax Rate
0.55%
Average Stearns County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osakis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56360 | 0.43% | 0.48% | 0.55% | 0.63% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Osakis, Minnesota
In Osakis, 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 Osakis, 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 Osakis 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 are both $4,892, found in zip code 56360.
Average Osakis Assessed Value
$1,128,000
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 Osakis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56360 | $418,160 | $684,350 | $1,128,000 | $1,571,650 | $1,837,840 |
Source: Ownwell
Property Tax Bills Across Osakis, Minnesota
In Osakis, located in Stearns County, MN, property tax bills are calculated based on the assessed value of the property. The local tax assessor evaluates the property's market value and then applies the county's tax rate to determine the tax bill. Various factors influence this assessment, including the property's size, location, and condition. For homeowners in Osakis, the median home price is $1,128,000. The property tax bill varies significantly, with the 25th percentile at $3,288, the 75th percentile at $6,496, and the 90th percentile reaching $7,458. These figures illustrate the range of tax burdens that homeowners might face, depending on their property's assessed value and applicable exemptions. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Osakis to understand how their local rates align with national standards. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average Osakis Tax Bill
$4,892
Average Stearns County Tax Bill
$2,818
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Osakis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56360 | $2,326 | $3,288 | $4,892 | $6,496 | $7,458 |
Source: Ownwell