Bowlus, Minnesota Property Taxes
The median property tax rate in Bowlus, MN is 0.79%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Bowlus at $266,700, the typical annual property tax bill comes to $1,710, significantly below the national median of $2,690. Property taxes in Bowlus are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Bowlus'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 Bowlus or another part of Morrison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bowlus, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$2,107
Ownwell’s Bowlus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bowlus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bowlus 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 Bowlus, Minnesota
Property taxes in Bowlus, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bowlus is 0.79%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Bowlus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bowlus 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 Bowlus's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56314 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Bowlus provides valuable insights into the varying tax landscape across Morrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bowlus Tax Rate
0.79%
Average Morrison County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bowlus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56314 | 0.29% | 0.48% | 0.79% | 0.97% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Bowlus, Minnesota
In Bowlus, 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 Morrison 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 Bowlus, 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 Bowlus is $266,700, with tax bills ranging from $976 at the 25th percentile to $3,698 at the 90th percentile. The highest and lowest median tax bills, both at $1,710, are found in the 56314 zip code. 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 Bowlus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bowlus Assessed Value
$266,700
Average Morrison County Assessed Value
$210,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bowlus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56314 | $79,700 | $149,500 | $266,700 | $442,100 | $566,400 |
Source: Ownwell
Property Tax Bills Across Bowlus, Minnesota
In Bowlus, located in Morrison County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and represents an estimate of the market value of the property. Homeowners in Bowlus face a median home price of $266,700. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. For instance, the tax bill for the 25th percentile is $976, while the 75th percentile sees a bill of $2,664. At the 90th percentile, homeowners can expect to pay around $3,698. Compared to the national median property tax rate of 0.99%, Bowlus residents experience varied tax amounts, reflecting differences in property values and local tax policies. These taxes are crucial for funding local services, impacting homeowners by contributing to community resources like schools, roads, and emergency services.
Average Bowlus Tax Bill
$1,710
Average Morrison County Tax Bill
$1,722
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bowlus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56314 | $462 | $976 | $1,710 | $2,664 | $3,698 |
Source: Ownwell