Strathcona, Minnesota Property Taxes
The median property tax rate in Strathcona, MN is 0.39%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Strathcona, the typical annual property tax bill is $558, well below the national median of $2,690. Property taxes in Strathcona 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 Strathcona'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 Strathcona 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
Strathcona, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$562
Ownwell’s Strathcona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Strathcona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Strathcona 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 Strathcona, Minnesota
Property taxes in Strathcona, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Strathcona is 1.22%, significantly higher than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Strathcona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Strathcona 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 Strathcona's effective property tax rate to other counties in Minnesota and the national median. For comparison, ZIP code 55401 has the highest median property tax rate of 1.73%, while ZIP code 55101 has the lowest median tax rate of 0.87%. Understanding how these cities compare with Strathcona provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Strathcona Tax Rate
0.39%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Strathcona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56759 | 0.24% | 0.34% | 0.39% | 0.41% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Strathcona, Minnesota
In Strathcona, 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 local 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 Strathcona, 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. For instance, the median home price in Strathcona is $144,000, with tax bills ranging from $394 at the 25th percentile to $987 at the 90th percentile. The zip code 56759 has both the highest and lowest median tax bill at $558. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Strathcona Assessed Value
$144,000
Average Marshall County Assessed Value
$114,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Strathcona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56759 | $86,800 | $108,175 | $144,000 | $183,675 | $330,600 |
Source: Ownwell
Property Tax Bills Across Strathcona, Minnesota
In Strathcona, located in Marshall County, MN, property tax bills are determined by the assessed value of a home and the local tax rate. The assessed value is derived from the market value of the property, which is then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $144,000, homeowners can expect varying tax bills based on their property’s assessed value and the specific tax rates applied. Factors influencing the tax bill include the property’s location within the county, its assessed value, and any applicable exemptions or abatements. Homeowners in Strathcona experience a range of tax bills, with the 25th percentile at $394, the 75th percentile at $766, and the 90th percentile reaching up to $987. The median property tax bill stands at $558, which is below the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Strathcona Tax Bill
$558
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Strathcona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56759 | $313 | $394 | $558 | $766 | $987 |
Source: Ownwell