Sleepy Eye, Minnesota Property Taxes
The median property tax rate in Sleepy Eye, MN is 0.70%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Sleepy Eye at $221,150, the typical annual property tax bill reaches $1,679, which is below the national median of $2,690. Property taxes in Sleepy Eye 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 Sleepy Eye'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 Sleepy Eye 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
Sleepy Eye, 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 SLEEPY EYE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SLEEPY EYE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SLEEPY EYE 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 Sleepy Eye, Minnesota
Property taxes in Sleepy Eye, Minnesota, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Sleepy Eye is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Sleepy Eye set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sleepy Eye 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 Sleepy Eye's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56085 has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Sleepy Eye provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sleepy Eye Tax Rate
0.70%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sleepy Eye, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56085 | 0.44% | 0.61% | 0.70% | 0.85% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Sleepy Eye, Minnesota
In Sleepy Eye, 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 Redwood 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 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 Sleepy Eye helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Sleepy Eye, the highest median tax bill is $1,679 in the 56085 zip code, which is notably lower than the national median property tax rate of 0.99%.
Average Sleepy Eye Assessed Value
$221,150
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sleepy Eye, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56085 | $162,660 | $177,450 | $221,150 | $258,875 | $551,930 |
Source: Ownwell
Property Tax Bills Across Sleepy Eye, Minnesota
In Sleepy Eye, Redwood County, MN, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For instance, the median home price in Sleepy Eye is $221,150, and homeowners can expect to pay a median tax bill of $1,679, which aligns with the highest and lowest median tax bills in the area. Homeowners in the 25th percentile of tax bills pay around $1,347, while those in the 75th percentile pay approximately $2,022. At the 90th percentile, the tax bill can reach up to $2,506. These variations highlight how different factors can significantly impact the final tax amount. Compared to the national median property tax rate of 0.99%, the tax rates in Sleepy Eye can present a considerable financial consideration for homeowners, affecting their overall housing costs and budgeting.
Average Sleepy Eye Tax Bill
$1,679
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Sleepy Eye, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56085 | $1,109 | $1,347 | $1,679 | $2,022 | $2,506 |
Source: Ownwell