Oronoco, Minnesota Property Taxes
The median property tax rate in Oronoco, MN is 1.10%, slightly higher than the national median of 0.99% but just below the Minnesota state median of 1.11%. With the median home value in Oronoco at $515,200, the typical annual property tax bill reaches $5,609, significantly surpassing the national median of $2,690. Property taxes in Oronoco 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 Oronoco'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 Oronoco 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
Oronoco, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$5,667
Ownwell’s Oronoco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oronoco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oronoco 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 Oronoco, Minnesota
Property taxes in Oronoco, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oronoco is 1.10%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Oronoco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oronoco 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 Oronoco's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 55960 zip code has the highest median property tax rate of 1.10%, while the same 55960 zip code also has the lowest median tax rate of 1.10%. Understanding how these areas compare with Oronoco provides valuable insights into the varying tax landscape across Wabasha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oronoco Tax Rate
1.10%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oronoco, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55960 | 0.99% | 1.01% | 1.10% | 1.15% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Oronoco, Minnesota
In Oronoco, 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 Wabasha 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 Oronoco, 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 Oronoco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Oronoco is $515,200, with tax bills ranging from $4,841 at the 25th percentile to $7,941 at the 90th percentile. The zip code 55960 has the highest and lowest median tax bill at $5,609.
Average Oronoco Assessed Value
$515,200
Average Wabasha County Assessed Value
$243,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oronoco, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55960 | $384,970 | $473,875 | $515,200 | $623,100 | $698,790 |
Source: Ownwell
Property Tax Bills Across Oronoco, Minnesota
In Oronoco, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $515,200, homeowners can expect tax bills to vary significantly. The 25th percentile tax bill is around $4,841, while the 75th percentile tax bill is $6,544, and the 90th percentile tax bill reaches up to $7,941. Several factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Oronoco's tax bills reflect the community's specific needs and services. For homeowners, understanding these factors is crucial as property taxes significantly impact annual expenses and long-term financial planning. Accurate assessments ensure that each homeowner contributes fairly to the local infrastructure, schools, and public services that benefit the community.
Average Oronoco Tax Bill
$5,609
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Oronoco, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55960 | $3,955 | $4,841 | $5,609 | $6,544 | $7,941 |
Source: Ownwell