Oronoco, Minnesota Property Taxes
The median property tax rate in Oronoco, MN, is 1.16%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Oronoco at $325,350, the typical annual property tax bill reaches $3,954, exceeding the national median of $2,690. Property taxes in Oronoco are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oronoco'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 Oronoco 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
Oronoco, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$3,774
Ownwell’s Oronoco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oronoco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oronoco 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 Oronoco, Minnesota
Property taxes in Oronoco, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oronoco is 1.16%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Oronoco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oronoco 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 Oronoco's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55960 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Oronoco 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 Oronoco Tax Rate
1.16%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oronoco, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55960 | 0.88% | 0.98% | 1.16% | 1.32% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Oronoco, Minnesota
In Oronoco, 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. In Oronoco, 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 Oronoco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Oronoco is 55960, with a median tax bill of $3,954.
Average Oronoco Assessed Value
$325,350
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 Oronoco, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55960 | $46,740 | $143,625 | $325,350 | $486,425 | $595,130 |
Source: Ownwell
Property Tax Bills Across Oronoco, Minnesota
In Oronoco, located in Olmsted County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $325,350, which serves as a starting point for determining the tax bill. Local assessors evaluate properties to establish their assessed value, which is then multiplied by the local tax rate to determine the annual tax bill. Factors such as location, property size, and market conditions influence the assessed value. For homeowners in Oronoco, property tax bills can vary significantly. The 25th percentile tax bill stands at $2,028, while those in the 75th percentile pay around $5,828. The top 10% of tax bills reach up to $7,345. The highest and lowest median tax bills in the region are both $3,954, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Oronoco's rates reflect the unique economic and market conditions of the area. Homeowners need to consider these taxes as a significant part of their annual expenses, impacting their overall cost of living.
Average Oronoco Tax Bill
$3,954
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Oronoco, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55960 | $494 | $2,028 | $3,954 | $5,828 | $7,345 |
Source: Ownwell