Storden, Minnesota Property Taxes
The median property tax rate in Storden, MN is 0.93%, slightly lower than the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $77,650 in Storden, the typical annual property tax bill amounts to $676, which is well below the national median of $2,690. Property taxes in Storden are calculated based on the assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Storden'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 Storden 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
Storden, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$722
Ownwell’s Storden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Storden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Storden 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 Storden, Minnesota
Property taxes in Storden, Minnesota, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Storden is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Storden set these rates annually, and they can vary across different neighborhoods. Each year, Storden 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 Storden's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56174 zip code has the highest median property tax rate of 0.93%, while the same zip code also represents the lowest median tax rate of 0.93%. Understanding how these cities compare with Storden provides valuable insights into the varying tax landscape across Cottonwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Storden Tax Rate
0.93%
Average Cottonwood County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Storden, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56174 | 0.53% | 0.85% | 0.93% | 1.29% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Storden, Minnesota
In Storden, 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 Cottonwood 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 Storden, 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 Storden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Storden is $77,650, with tax bills ranging from $354 at the 25th percentile to $1,753 at the 90th percentile. The zip code 56174 has both the highest and lowest median tax bill, which is $676.
Average Storden Assessed Value
$77,650
Average Cottonwood County Assessed Value
$129,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Storden, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56174 | $5,080 | $36,175 | $77,650 | $130,600 | $194,010 |
Source: Ownwell
Property Tax Bills Across Storden, Minnesota
In Storden, located in Cottonwood County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Storden stands at $77,650, and the property tax rate is influenced by various factors, including local government budgets and school district funding needs. Homeowners in Storden experience a range of tax bills. For example, those in the 25th percentile pay around $354 annually, while those in the 75th percentile face a bill of approximately $1,036. At the higher end, the 90th percentile sees tax bills reaching up to $1,753. The median property tax bill in Storden is $676, which is below the national median property tax rate of 0.99%. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Storden Tax Bill
$676
Average Cottonwood County Tax Bill
$1,456
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Storden, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56174 | $73 | $354 | $676 | $1,036 | $1,753 |
Source: Ownwell