Springfield, Minnesota Property Taxes
The median property tax rate in Springfield, MN is 1.50%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Springfield, the typical annual property tax bill reaches $1,438, exceeding the national median of $2,690. Property taxes in Springfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Springfield'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 Springfield 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
Springfield, 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 Springfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springfield 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 Springfield, Minnesota
Property taxes in Springfield, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 1.50%, significantly higher than the U.S. national median of 0.99%. Local government entities within Springfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springfield 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 Springfield's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56087 zip code has the highest median property tax rate of 1.50%, while the same zip code also has the lowest median tax rate of 1.50%. Understanding how these cities compare with Springfield provides valuable insights into the varying tax landscape across Brown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springfield Tax Rate
1.50%
Average Brown County Tax Rate
1.37%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56087 | 0.35% | 0.77% | 1.50% | 1.95% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, Minnesota
In Springfield, 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 Brown 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 Springfield, 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. The median home price in Springfield is $109,850, with tax bills ranging from $848 at the 25th percentile to $3,730 at the 90th percentile. The highest and lowest median tax bills are both $1,438 in the 56087 zip code. 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 Springfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Springfield Assessed Value
$109,850
Average Brown County Assessed Value
$152,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56087 | $25,170 | $61,900 | $109,850 | $186,650 | $377,720 |
Source: Ownwell
Property Tax Bills Across Springfield, Minnesota
In Springfield, located in Brown County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This valuation is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $109,850 and a local tax rate that results in a median tax bill of $1,438, homeowners can expect to pay around this amount annually. Factors influencing the tax bill include property size, location, and improvements, alongside local government budget needs. The tax bill varies significantly, with the 25th percentile at $848 and the 75th percentile at $2,511, reaching up to $3,730 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Springfield's property tax rate reflects the specific fiscal requirements and property valuations within Brown County. This directly impacts homeowners' financial planning and the overall cost of homeownership.
Average Springfield Tax Bill
$1,438
Average Brown County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56087 | $393 | $848 | $1,438 | $2,511 | $3,730 |
Source: Ownwell