Stewartville, Minnesota Property Taxes
The median property tax rate in Stewartville, MN is 1.41%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Stewartville at $221,750, the typical annual property tax bill reaches $3,062, exceeding the national median of $2,690. Property taxes in Stewartville 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 Stewartville'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 Stewartville 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
Stewartville, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$3,127
Ownwell’s Stewartville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stewartville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stewartville 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 Stewartville, Minnesota
Property taxes in Stewartville, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stewartville is 1.41%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Stewartville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stewartville 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 Stewartville's effective property tax rate to other areas in Olmsted County and the national median. For comparison, the 55976 zip code has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these figures compare with Stewartville 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 Stewartville Tax Rate
1.41%
Average Olmsted County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stewartville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55976 | 0.97% | 1.33% | 1.41% | 1.48% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Stewartville, Minnesota
In Stewartville, 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 Stewartville, 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 Stewartville 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 is 55976, with a median tax bill of $3,062.
Property Tax Assessment Values Across Stewartville, Minnesota
Source: Ownwell
$207,000
$346,050
$485,100
Average Stewartville Assessed Value
$221,750
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 Stewartville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55976 | $31,900 | $152,775 | $221,750 | $282,200 | $375,500 |
Source: Ownwell
Property Tax Bills Across Stewartville, Minnesota
In Stewartville, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the Olmsted County assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $221,750, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $1,997, while at the 75th percentile, they can reach $3,956. The 90th percentile sees tax bills as high as $5,171. This wide range highlights how factors such as property size, location, and improvements can impact the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Stewartville's property taxes can be seen as relatively moderate, yet they still represent a significant expense for homeowners. Accurate assessments ensure that the tax burden is distributed fairly, impacting community services and infrastructure funding.
Average Stewartville Tax Bill
$3,062
Average Olmsted County Tax Bill
$3,296
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Stewartville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55976 | $452 | $1,997 | $3,062 | $3,956 | $5,171 |
Source: Ownwell