Cosmos, Minnesota Property Taxes
The median property tax rate in Cosmos, MN is 0.43%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Cosmos at $291,700, the typical annual property tax bill amounts to $1,652, well below the national median of $2,690. Property taxes in Cosmos are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Cosmos's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cosmos or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cosmos, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$1,254
Ownwell’s Cosmos Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cosmos with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cosmos 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 Cosmos, Minnesota
Property taxes in Cosmos, Minnesota, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cosmos is 0.43%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Cosmos set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cosmos 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 Cosmos's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56228 zip code has both the highest and lowest median property tax rate of 0.43%. Understanding how these cities compare with Cosmos provides valuable insights into the varying tax landscape across Renville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cosmos Tax Rate
0.43%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cosmos, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56228 | 0.18% | 0.19% | 0.43% | 0.47% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Cosmos, Minnesota
In Cosmos, 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 Renville County Assessor 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 Cosmos, 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. The median home price in Cosmos is $291,700, with tax bills ranging from $1,114 at the 25th percentile to $2,443 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cosmos Assessed Value
$291,700
Average Renville County Assessed Value
$142,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cosmos, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56228 | $217,300 | $255,300 | $291,700 | $1,088,600 | $1,353,640 |
Source: Ownwell
Property Tax Bills Across Cosmos, Minnesota
In Cosmos, located in Renville County, MN, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is derived from the market value of the property, which is influenced by factors such as location, property size, and home condition. The local tax rate is then applied to this assessed value to calculate the tax bill. For homeowners in Cosmos, the median home price is $291,700. Property tax bills can vary significantly, with the 25th percentile bill at $1,114 and the 75th percentile bill at $2,088. The tax bill at the 90th percentile reaches $2,443. These figures illustrate how property taxes can impact household budgets, making it essential for homeowners to understand how their tax obligations are calculated. Compared to the national median property tax rate of 0.99%, the property tax rates in Cosmos reflect the local economic conditions and municipal budget requirements.
Average Cosmos Tax Bill
$1,652
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cosmos, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56228 | $1,076 | $1,114 | $1,652 | $2,088 | $2,443 |
Source: Ownwell