Cotton, Minnesota Property Taxes
The median property tax rate in Cotton, MN is 1.11%, aligning with the state median but still higher than the national median of 0.99%. With the median home value in Cotton, the typical annual property tax bill reaches $1,034, which is below the national median of $2,690. Property taxes in Cotton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cotton'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 Cotton 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
Cotton, 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 Cotton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cotton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cotton 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 Cotton, Minnesota
Property taxes in Cotton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cotton is 1.11%, which is higher than the U.S. national median of 0.99%. Local government entities within Cotton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cotton 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 Cotton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55724 zip code has the highest median property tax rate of 1.11%, while the 55724 zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Cotton provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cotton Tax Rate
1.11%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cotton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55724 | 0.79% | 1.01% | 1.11% | 1.20% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Cotton, Minnesota
In Cotton, Minnesota, understanding the distinction between "market value" and "assessed value" is essential for grasping 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 St. Louis 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 Cotton, 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 Cotton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55724 has the highest and lowest median tax bill in the area, both at $1,034, reflecting the consistency in property tax assessments within Cotton.
Average Cotton Assessed Value
$100,200
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cotton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55724 | $12,540 | $42,100 | $100,200 | $169,000 | $263,400 |
Source: Ownwell
Property Tax Bills Across Cotton, Minnesota
Property tax bills in Cotton, located in St. Louis County, Minnesota, are determined by assessing the market value of a property and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $100,200, the tax bills can vary significantly based on property value and local rates. Homeowners in Cotton can expect to pay between $438 and $2,659 annually, depending on their property’s assessed value. Several factors influence these tax bills, including property size, location, and any applicable exemptions. The median property tax rate in Cotton is comparable to the national median of 0.99%, making it a critical consideration for homeowners budgeting for annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly. Higher property taxes can impact affordability and overall cost of living, while lower taxes can make homeownership more accessible.
Average Cotton Tax Bill
$1,034
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cotton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55724 | $140 | $438 | $1,034 | $1,740 | $2,659 |
Source: Ownwell