Saint Bonifacius, Minnesota Property Taxes
The median property tax rate in Saint Bonifacius, MN is 1.08%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $391,000 in Saint Bonifacius, the typical annual property tax bill reaches $4,316, significantly exceeding the national median of $2,690. Property taxes in Saint Bonifacius are calculated based on the tax assessed value, which is typically lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding the property tax system in Saint Bonifacius, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Saint Bonifacius or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Saint Bonifacius, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$4,223
Ownwell’s SAINT BONIFACIUS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SAINT BONIFACIUS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SAINT BONIFACIUS 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 Saint Bonifacius, Minnesota
Property taxes in SAINT BONIFACIUS, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in SAINT BONIFACIUS is 1.08%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within SAINT BONIFACIUS set these rates annually, and they can vary significantly across different neighborhoods. Each year, SAINT BONIFACIUS 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 SAINT BONIFACIUS's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55375 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with SAINT BONIFACIUS provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Saint Bonifacius Tax Rate
1.08%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saint Bonifacius, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55375 | 1.05% | 1.05% | 1.08% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Saint Bonifacius, Minnesota
In Saint Bonifacius, 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 Hennepin County Assessor 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 Saint Bonifacius, 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. The median home price in Saint Bonifacius is $391,000, and the median tax bill is $4,316 in zip code 55375, which is both the highest and lowest median tax bill in the area. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Saint Bonifacius, Minnesota
Source: Ownwell
$83,000
$1,064,000
$2,045,000
Average Saint Bonifacius Assessed Value
$391,000
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Saint Bonifacius, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55375 | $223,000 | $303,000 | $391,000 | $488,000 | $550,000 |
Source: Ownwell
Property Tax Bills Across Saint Bonifacius, Minnesota
In Saint Bonifacius, Hennepin 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 tax bill. In Hennepin County, the median home price is $391,000, and the property tax rate is used to calculate the tax bill accordingly. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, the tax bill at the 25th percentile is $3,347, while at the 75th percentile, it rises to $5,193, reflecting variations in property values and assessments. The tax bill at the 90th percentile can reach up to $5,958, indicating higher-valued properties. Compared to the national median property tax rate of 0.99%, homeowners in Saint Bonifacius may experience slightly higher or lower tax bills based on their specific property assessments. This can significantly affect homeowners' annual financial planning, as property taxes represent a substantial recurring expense.
Average Saint Bonifacius Tax Bill
$4,316
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Saint Bonifacius, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55375 | $2,323 | $3,347 | $4,316 | $5,193 | $5,958 |
Source: Ownwell