Blooming Prairie, Minnesota Property Taxes
The median property tax rate in Blooming Prairie, MN is 1.14%, higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Blooming Prairie at $207,500, the typical annual property tax bill reaches $2,121, slightly below the national median of $2,690. Property taxes in Blooming Prairie are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Blooming Prairie'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 Blooming Prairie or another part of Steele County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Blooming Prairie, 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 Blooming Prairie Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Blooming Prairie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blooming Prairie 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 Blooming Prairie, Minnesota
Property taxes in Blooming Prairie, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Blooming Prairie is 1.14%, considerably higher than the U.S. national median of 0.99%. Local government entities within Blooming Prairie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blooming Prairie 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 Blooming Prairie's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55917 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Blooming Prairie provides valuable insights into the varying tax landscape across Steele County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blooming Prairie Tax Rate
1.14%
Average Steele County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blooming Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55917 | 0.25% | 0.71% | 1.14% | 1.35% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Blooming Prairie, Minnesota
In Blooming Prairie, 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 Steele County Assessor's Office 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 Blooming Prairie, 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 Blooming Prairie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Blooming Prairie is $207,500, with tax bills ranging from $1,273 at the 25th percentile to $4,149 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 55917, at $2,121.
Property Tax Assessment Values Across Blooming Prairie, Minnesota
Source: Ownwell
$142,100
$277,200
$412,300
Average Blooming Prairie Assessed Value
$207,500
Average Steele County Assessed Value
$246,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blooming Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55917 | $83,400 | $138,300 | $207,500 | $320,800 | $590,260 |
Source: Ownwell
Property Tax Bills Across Blooming Prairie, Minnesota
In Blooming Prairie, Steele County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and applies an assessment ratio. This value is then multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the tax bill, including property size, improvements, and neighborhood characteristics. The median home price in Blooming Prairie is $207,500, with tax bills ranging from $1,273 at the 25th percentile to $4,149 at the 90th percentile. The highest median tax bill in the area is $2,121, which is above the national median property tax rate of 0.99%. For homeowners, these taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding how these factors interplay can help homeowners anticipate their tax obligations and plan accordingly.
Average Blooming Prairie Tax Bill
$2,121
Average Steele County Tax Bill
$2,874
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Blooming Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55917 | $591 | $1,273 | $2,121 | $3,210 | $4,149 |
Source: Ownwell