Pipestone, Minnesota Property Taxes
The median property tax rate in Pipestone, MN is 1.38%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Pipestone, the typical annual property tax bill reaches $996, which is below the national median of $2,690. Property taxes in Pipestone 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 Pipestone'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 Pipestone 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
Pipestone, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Pipestone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pipestone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pipestone 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 Pipestone, Minnesota
Property taxes in Pipestone, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Pipestone is 1.38%, higher than the U.S. national median of 0.99%. Local government entities within Pipestone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pipestone 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 Pipestone's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56164 zip code has the highest median property tax rate of 1.38%, while the 56164 zip code also has the lowest median tax rate of 1.38%. Understanding how these cities compare with Pipestone provides valuable insights into the varying tax landscape across Pipestone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pipestone Tax Rate
1.38%
Average Pipestone County Tax Rate
1.35%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pipestone, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56164 | 0.47% | 1.10% | 1.38% | 1.55% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Pipestone, Minnesota
In Pipestone, 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 local appraisal authorities 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 Pipestone, 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 Pipestone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 56164 in Pipestone has both the highest and lowest median tax bill at $996.
Average Pipestone Assessed Value
$68,000
Average Pipestone County Assessed Value
$69,550
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pipestone, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56164 | $20,120 | $44,800 | $68,000 | $127,900 | $346,560 |
Source: Ownwell
Property Tax Bills Across Pipestone, Minnesota
In Pipestone, MN, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. For example, with a median home price of $68,000, the tax bill varies significantly across different percentiles. At the 25th percentile, homeowners can expect to pay around $626, while those in the 75th percentile might see a bill of approximately $1,572. The tax bill can climb as high as $2,735 for those in the 90th percentile. Several factors influence these variations, including property size, location, and improvements made. The assessed value is based on market conditions and property characteristics, which can fluctuate year to year. Compared to the national median property tax rate of 0.99%, Pipestone's property tax rates can be relatively moderate or high depending on specific circumstances. These taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life for homeowners.
Average Pipestone Tax Bill
$996
Average Pipestone County Tax Bill
$966
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Pipestone, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56164 | $245 | $626 | $996 | $1,572 | $2,735 |
Source: Ownwell