Pine Island, Minnesota Property Taxes
The median property tax rate in Pine Island, MN is 1.55%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Pine Island at $304,900, the typical annual property tax bill reaches $4,049, exceeding the national median of $2,690. Property taxes in Pine Island 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 Pine Island'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 Pine Island 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
Pine Island, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$4,726
Ownwell’s Pine Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pine Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pine Island 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 Pine Island, Minnesota
Property taxes in Pine Island, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pine Island is 1.55%, higher than the U.S. national median of 0.99%. Local government entities within Pine Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pine Island 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 Pine Island's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55963 has both the highest and lowest median property tax rate of 1.55%. Understanding how these cities compare with Pine Island 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 Pine Island Tax Rate
1.55%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pine Island, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55963 | 0.95% | 0.98% | 1.55% | 1.68% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Pine Island, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Pine Island, Minnesota. 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 Pine Island 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. For instance, zip code 55963 has the highest and lowest median tax bill at $4,049. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pine Island Assessed Value
$304,900
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 Pine Island, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55963 | $167,480 | $197,500 | $304,900 | $385,850 | $486,980 |
Source: Ownwell
Property Tax Bills Across Pine Island, Minnesota
In Pine Island, MN, property tax bills are calculated based on the assessed value of your home. The local tax rate is applied to this value to determine your annual tax bill. For instance, with a median home price of $304,900, homeowners can expect their property tax bill to vary significantly. At the 25th percentile, the tax bill is around $2,894, while at the 75th percentile, it can reach up to $5,278. For those at the 90th percentile, the tax bill could be as high as $6,253. Several factors influence your property tax bill, including the market value of your home, local tax rates, and any applicable exemptions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Pine Island's property taxes can be seen as relatively high, which can impact homeowners by increasing their annual financial obligations. Understanding these factors can help homeowners better manage their property-related expenses.
Average Pine Island Tax Bill
$4,049
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Pine Island, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55963 | $2,006 | $2,894 | $4,049 | $5,278 | $6,253 |
Source: Ownwell