Kasson, Minnesota Property Taxes
The median property tax rate in Kasson, MN is 1.06%, slightly higher than the national median of 0.99% but lower than Minnesota's state median of 1.11%. With a median home value of $352,050 in Kasson, the typical annual property tax bill reaches $3,805, surpassing the national median of $2,690. Property taxes in Kasson are calculated based on the tax assessed value, which is often below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Kasson'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 Kasson 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
Kasson, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$3,732
Ownwell’s Kasson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kasson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kasson 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 Kasson, Minnesota
Property taxes in Kasson, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kasson is 1.06%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Kasson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kasson 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 Kasson's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 55944 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these areas compare with Kasson provides valuable insights into the varying tax landscape across Olmsted County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kasson Tax Rate
1.06%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kasson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55944 | 0.92% | 1.00% | 1.06% | 1.09% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Kasson, Minnesota
In Kasson, 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 Olmsted 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. Assessment notices in Kasson 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 Kasson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Kasson, the zip code 55944 has the highest median tax bill at $3,805, while the lowest median tax bill is also $3,805 in the same zip code. This highlights the consistency in property tax assessments within the area.
Average Kasson Assessed Value
$352,050
Average Olmsted County Assessed Value
$264,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kasson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55944 | $241,280 | $276,650 | $352,050 | $424,475 | $435,290 |
Source: Ownwell
Property Tax Bills Across Kasson, Minnesota
In Kasson, located in Olmsted County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Kasson face a median home price of $352,050. The tax bill varies significantly, with the 25th percentile paying around $2,774 annually, while those in the 75th percentile see bills as high as $4,530. For the top 10% of homeowners, the tax bill can reach up to $4,807. The local tax rate and the assessed value together determine the final tax bill. This means that as property values increase, so do the tax obligations for homeowners. Compared to the national median property tax rate of 0.99%, Kasson homeowners experience varying tax burdens, influenced by the assessed value and specific local rates. The highest median tax bill in the area is $3,805, which underscores the variability in property tax obligations within the city.
Average Kasson Tax Bill
$3,805
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kasson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55944 | $2,230 | $2,774 | $3,805 | $4,530 | $4,807 |
Source: Ownwell