Blooming Prairie, Minnesota Property Taxes
The median property tax rate in Blooming Prairie, MN is 1.04%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Blooming Prairie at $308,700, the typical annual property tax bill reaches $2,962, which is above the national median of $2,690. Property taxes in Blooming Prairie are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Blooming Prairie’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 Blooming Prairie 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
Blooming Prairie, 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 Blooming Prairie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Blooming Prairie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blooming Prairie 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 Blooming Prairie, Minnesota
Property taxes in Blooming Prairie, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blooming Prairie is 1.04%, higher than the U.S. national median of 0.99%. Local government entities within Blooming Prairie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blooming Prairie 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 Blooming Prairie's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55917 has both the highest and lowest median property tax rate of 1.04%, illustrating that the tax rates within the county are consistent. Understanding how these cities compare with Blooming Prairie provides valuable insights into the varying tax landscape across Freeborn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blooming Prairie Tax Rate
1.04%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blooming Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55917 | 0.42% | 0.63% | 1.04% | 1.12% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Blooming Prairie, Minnesota
In Blooming Prairie, 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 Freeborn 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 Blooming Prairie, 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 Blooming Prairie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Blooming Prairie are both $2,962, found in the 55917 zip code.
Property Tax Assessment Values Across Blooming Prairie, Minnesota
Source: Ownwell
$40,750
$174,725
$308,700
Average Blooming Prairie Assessed Value
$308,700
Average Freeborn County Assessed Value
$133,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blooming Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55917 | $160,920 | $211,450 | $308,700 | $550,150 | $974,320 |
Source: Ownwell
Property Tax Bills Across Blooming Prairie, Minnesota
In Blooming Prairie, located in Freeborn County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Blooming Prairie, the median home price is $308,700. The tax bill varies significantly, with the 25th percentile at $2,172 and the 75th percentile at $4,172, indicating a broad range of property values and tax burdens within the city. At the 90th percentile, homeowners can expect to pay around $5,842 annually. Several factors influence the tax bill, including property improvements, neighborhood developments, and changes in the local tax rate set by various taxing authorities. Compared to the national median property tax rate of 0.99%, Blooming Prairie's tax rates reflect local economic conditions and funding needs for public services. Homeowners should be aware of these factors, as they directly impact their annual financial obligations and the overall affordability of their properties.
Average Blooming Prairie Tax Bill
$2,962
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Blooming Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55917 | $1,582 | $2,172 | $2,962 | $4,172 | $5,842 |
Source: Ownwell