Schroeder, Minnesota Property Taxes
The median property tax rate in Schroeder, MN is 0.73%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Schroeder, the typical annual property tax bill reaches $1,738, falling below the national median of $2,690. Property taxes in Schroeder are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Schroeder'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 Schroeder 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
Schroeder, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,514
Ownwell’s Schroeder Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Schroeder with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Schroeder 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 Schroeder, Minnesota
Property taxes in Schroeder, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Schroeder is 0.73%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Schroeder set these rates annually, and they can vary significantly across different neighborhoods. Each year, Schroeder 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 Schroeder's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55613 has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Schroeder provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Schroeder Tax Rate
0.73%
Average Cook County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Schroeder, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55613 | 0.52% | 0.67% | 0.73% | 0.82% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Schroeder, Minnesota
In Schroeder, 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 Cook 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 Schroeder, 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 Schroeder helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55613 has the same median tax bill value of $1,738, highlighting a consistent tax landscape across the city.
Average Schroeder Assessed Value
$207,400
Average Cook County Assessed Value
$271,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Schroeder, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55613 | $71,050 | $170,775 | $207,400 | $503,800 | $765,360 |
Source: Ownwell
Property Tax Bills Across Schroeder, Minnesota
In Schroeder, located in Cook County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or additions made to the property. For homeowners in Schroeder, the median home price is $207,400. The property tax rates in this region result in varying tax bills. For instance, homeowners at the 25th percentile pay around $957 annually, while those at the 75th percentile may see bills as high as $3,403. At the 90th percentile, tax bills can reach up to $5,994. The highest median tax bill in the area is $1,738, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, roads, and emergency services, directly impacting the community and homeowners' quality of life.
Average Schroeder Tax Bill
$1,738
Average Cook County Tax Bill
$1,970
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Schroeder, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55613 | $506 | $957 | $1,738 | $3,403 | $5,994 |
Source: Ownwell