Rosemount, Minnesota Property Taxes
The median property tax rate in Rosemount, MN is 1.02%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Rosemount at $350,000, the typical annual property tax bill reaches $3,610, significantly exceeding the national median of $2,690. Property taxes in Rosemount 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 Rosemount'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 Rosemount 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
Rosemount, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$3,570
Ownwell’s Rosemount Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rosemount with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rosemount 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 Rosemount, Minnesota
Property taxes in Rosemount, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rosemount is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Rosemount set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rosemount 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 Rosemount's effective property tax rate to other regions and the national median. For comparison, the zip code 55068 has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these areas compare with Rosemount provides valuable insights into the varying tax landscape across Dakota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rosemount Tax Rate
1.02%
Average Dakota County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rosemount, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55068 | 0.97% | 0.99% | 1.02% | 1.04% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Rosemount, Minnesota
In Rosemount, 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 Dakota 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. 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 Rosemount helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Rosemount, the median home price is $350,000, with tax bills ranging from $2,822 at the 25th percentile to $5,667 at the 90th percentile. The highest and lowest median tax bill is $3,610 in the 55068 zip code.
Average Rosemount Assessed Value
$350,000
Average Dakota County Assessed Value
$344,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rosemount, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55068 | $211,460 | $280,700 | $350,000 | $452,500 | $544,600 |
Source: Ownwell
Property Tax Bills Across Rosemount, Minnesota
In Rosemount, located in Dakota County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. Once the market value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Rosemount is $350,000. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Rosemount can expect their tax bills to vary significantly; the 25th percentile tax bill is $2,822, while the 75th percentile tax bill reaches $4,654. The highest median tax bill in Rosemount stands at $3,610, which is above the national median property tax rate of 0.99%. These taxes fund essential public services, including schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Rosemount Tax Bill
$3,610
Average Dakota County Tax Bill
$3,728
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Rosemount, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55068 | $2,131 | $2,822 | $3,610 | $4,654 | $5,667 |
Source: Ownwell