Sunburg, Minnesota Property Taxes
The median property tax rate in Sunburg, MN is 0.55%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Sunburg at $257,700, the typical annual property tax bill amounts to $1,480, which is well below the national median of $2,690. Property taxes in Sunburg are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Sunburg's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in Sunburg or investing in property within the city, a thorough grasp of the local property tax framework will prove beneficial.
Last Updated June 14, 2024
Sunburg, 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 SUNBURG Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SUNBURG with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SUNBURG 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 Sunburg, Minnesota
Property taxes in Sunburg, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sunburg is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within Sunburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sunburg 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 Sunburg's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56289 zip code has both the highest and lowest median property tax rate of 0.55%, highlighting the uniformity in tax rates within the region. Understanding how these cities compare with Sunburg provides valuable insights into the varying tax landscape across Swift County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sunburg Tax Rate
0.55%
Average Swift County Tax Rate
0.99%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sunburg, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56289 | 0.25% | 0.31% | 0.55% | 0.66% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Sunburg, Minnesota
In Sunburg, 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 Swift 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. In Sunburg, 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 Sunburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56289, with a value of $1480.00, while the lowest median tax bill is also in the same zip code, valued at $1480.00.
Average Sunburg Assessed Value
$257,700
Average Swift County Assessed Value
$128,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sunburg, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56289 | $55,960 | $164,600 | $257,700 | $637,900 | $1,048,120 |
Source: Ownwell
Property Tax Bills Across Sunburg, Minnesota
Property tax bills in Sunburg, located in Swift County, MN, are determined by multiplying the assessed value of a property by the local tax rate. For homeowners in Sunburg, the median home price is $257,700. The property tax rate in the area is influenced by county and municipal budgets, school funding needs, and other local expenditures. Homeowners in Sunburg can expect tax bills that vary significantly based on their property's assessed value and specific circumstances. For instance, the 25th percentile tax bill is $714, while the 75th percentile reaches $2,260, and the 90th percentile climbs to $3,379. These figures highlight the range of possible tax obligations, reflecting differences in property values and individual assessments. Compared to the national median property tax rate of 0.99%, Sunburg's property taxes can be relatively modest or substantial, depending on the specific property. Understanding these factors is crucial for homeowners as property taxes significantly impact annual housing costs and long-term financial planning.
Average Sunburg Tax Bill
$1,480
Average Swift County Tax Bill
$1,162
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Sunburg, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56289 | $354 | $714 | $1,480 | $2,260 | $3,379 |
Source: Ownwell