Spring Valley, Minnesota Property Taxes
The median property tax rate in Spring Valley, MN is 0.89%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Spring Valley at $174,950, the typical annual property tax bill is $1,620, which is below the national median of $2,690. Property taxes in Spring Valley are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Spring Valley'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 Spring Valley or another part of Fillmore County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spring Valley, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,557
Ownwell’s SPRING VALLEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SPRING VALLEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SPRING VALLEY 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 Spring Valley, Minnesota
Property taxes in Spring Valley, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Valley is 0.89%, which is below the U.S. national median of 0.99%. Local government entities within Spring Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Valley 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 Spring Valley's effective property tax rate to other counties in Minnesota and the national median. For comparison, the ZIP code 55975 has the highest median property tax rate of 0.89%, while the same ZIP code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with Spring Valley provides valuable insights into the varying tax landscape across Fillmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spring Valley Tax Rate
0.89%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Valley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55975 | 0.30% | 0.57% | 0.89% | 1.25% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Spring Valley, Minnesota
In Spring Valley, 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 Fillmore 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 Spring Valley, 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 Spring Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $174,950, with tax bills ranging from $956 at the 25th percentile to $3,152 at the 90th percentile. The zip code 55975 has the highest median tax bill at $1,620.
Property Tax Assessment Values Across Spring Valley, Minnesota
Source: Ownwell
$136,600
$262,150
$387,700
Average Spring Valley Assessed Value
$174,950
Average Fillmore County Assessed Value
$193,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spring Valley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55975 | $42,730 | $115,975 | $174,950 | $284,300 | $523,140 |
Source: Ownwell
Property Tax Bills Across Spring Valley, Minnesota
In Spring Valley, located in Fillmore County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the market value of properties. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $174,950, homeowners in Spring Valley can expect a range of tax bills. At the 25th percentile, a tax bill might be around $956, while at the 75th percentile, it can reach up to $2,318. For those in the 90th percentile, tax bills can soar to $3,152. These figures highlight the variability in property tax obligations, which can significantly impact homeowners' finances. Compared to the national median property tax rate of 0.99%, Spring Valley's tax rates offer a point of comparison for residents evaluating their tax burdens.
Average Spring Valley Tax Bill
$1,620
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Valley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55975 | $326 | $956 | $1,620 | $2,318 | $3,152 |
Source: Ownwell