Butterfield, Minnesota Property Taxes
The median property tax rate in Butterfield, MN is 0.84%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Butterfield at $286,200, the typical annual property tax bill reaches $2,398, falling below the national median of $2,690. Property taxes in Butterfield 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 Butterfield'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 Butterfield or another part of Cottonwood County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Butterfield, 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 Butterfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Butterfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Butterfield 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 Cottonwood County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Butterfield, Minnesota
Property taxes in Butterfield, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Butterfield is 0.84%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Butterfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Butterfield 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 Butterfield's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56120 zip code has the highest median property tax rate of 0.84%, while the 56120 zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Butterfield provides valuable insights into the varying tax landscape across Cottonwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Butterfield Tax Rate
0.84%
Average Cottonwood County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Butterfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56120 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Butterfield, Minnesota
In Butterfield, 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 Cottonwood 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 Butterfield, 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. For instance, the median home price in Butterfield is $286,200, and the median tax bill stands at $2,398. Notably, the highest and lowest median tax bills both occur in the 56120 zip code, each being $2,398. By understanding 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 Butterfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Butterfield Assessed Value
$286,200
Average Cottonwood County Assessed Value
$129,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Butterfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56120 | $286,200 | $286,200 | $286,200 | $286,200 | $286,200 |
Source: Ownwell
Property Tax Bills Across Butterfield, Minnesota
In Butterfield, Cottonwood County, MN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor, who evaluates the property's market value and applies an assessment ratio. The tax rate is then applied to this assessed value to calculate the annual property tax bill. For example, with a median home price of $286,200, homeowners in Butterfield can expect a median tax bill of $2,398, which is consistent across various percentiles. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. These factors ensure that the tax bill reflects the property's value and the homeowner's financial situation. Compared to the national median property tax rate of 0.99%, Butterfield's tax rate may seem substantial, impacting homeowners by adding a significant annual expense. However, these taxes fund essential local services such as schools, public safety, and infrastructure, thereby contributing to the community's overall quality of life.
Average Butterfield Tax Bill
$2,398
Average Cottonwood County Tax Bill
$1,456
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Butterfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56120 | $2,398 | $2,398 | $2,398 | $2,398 | $2,398 |
Source: Ownwell