Staples, Minnesota Property Taxes
The median property tax rate in Staples, MN is 0.92%, slightly below the national median of 0.99% and significantly lower than Minnesota's state median of 1.11%. With a median home value of $124,800 in Staples, the typical annual property tax bill amounts to $1,044, which is less than the national median of $2,690. Property taxes in Staples are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Staples' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Staples or another part of Todd County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Staples, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,148
Ownwell’s Staples Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Staples with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Staples 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 Staples, Minnesota
Property taxes in Staples, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Staples is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Staples set these rates annually, and they can vary significantly across different neighborhoods. Each year, Staples 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 Staples' effective property tax rate to other areas and the national median. For comparison, the 56479 zip code has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these figures compare with Staples provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Staples Tax Rate
0.92%
Average Todd County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Staples, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56479 | 0.63% | 0.77% | 0.92% | 1.14% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Staples, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Staples, Minnesota. 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 Todd 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 Staples, 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 Staples helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Staples has a median home price of $124,800. The 25th percentile tax bill is $472, while the 75th percentile tax bill is $1,832. The highest median tax bill is $1,044 in zip code 56479, which also has the lowest median tax bill of $1,044. This highlights the uniformity in tax assessments within this region.
Average Staples Assessed Value
$124,800
Average Todd County Assessed Value
$198,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Staples, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56479 | $5,160 | $56,100 | $124,800 | $215,000 | $319,940 |
Source: Ownwell
Property Tax Bills Across Staples, Minnesota
In Staples, Todd County, MN, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The median home price in Staples is $124,800, which influences the overall tax bill. Property tax rates in this region can vary, but the median tax bill stands at $1,044. Homeowners in the 25th percentile might see tax bills around $472, while those in the 75th percentile could face bills as high as $1,832. For those in the 90th percentile, tax bills can reach up to $2,732. These taxes fund essential public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Staples offers a relatively moderate tax burden. Factors like property improvements, local tax levies, and changes in assessed value can impact your annual tax bill. Understanding these elements helps homeowners budget effectively and anticipate financial obligations tied to property ownership in Staples.
Average Staples Tax Bill
$1,044
Average Todd County Tax Bill
$1,544
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Staples, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56479 | $72 | $472 | $1,044 | $1,832 | $2,732 |
Source: Ownwell