Owatonna, Minnesota Property Taxes
The median property tax rate in Owatonna, MN is 0.76%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $272,700 in Owatonna, the typical annual property tax bill amounts to $2,082, which is below the national median of $2,690. Property taxes in Owatonna are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Owatonna's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Owatonna or another part of Dodge County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Owatonna, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,073
Ownwell’s Owatonna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Owatonna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Owatonna 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 Dodge County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Owatonna, Minnesota
Property taxes in Owatonna, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Owatonna is 0.76%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Owatonna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owatonna 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 Owatonna's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55060 zip code has the highest median property tax rate of 0.76%, while also having the lowest median tax rate of 0.76%. Understanding how these cities compare with Owatonna provides valuable insights into the varying tax landscape across Dodge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Owatonna Tax Rate
0.76%
Average Dodge County Tax Rate
1.28%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owatonna, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55060 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Owatonna, Minnesota
In Owatonna, 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 Dodge 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 Owatonna, 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 Owatonna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 55060 has the highest and lowest median tax bills, both at $2,082.
Average Owatonna Assessed Value
$272,700
Average Dodge County Assessed Value
$291,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Owatonna, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55060 | $272,700 | $272,700 | $272,700 | $272,700 | $272,700 |
Source: Ownwell
Property Tax Bills Across Owatonna, Minnesota
In Owatonna, located in Dodge County, MN, property tax bills are calculated based on the assessed value of a home. The local assessor determines this value by evaluating the property's market value, which is influenced by factors such as location, size, and condition of the property. Once the market value is established, the assessed value is derived, typically as a percentage of the market value. The property tax rate, applied to the assessed value, determines the final tax bill. For homeowners in Owatonna, the median home price is $272,700, and the median property tax bill is $2,082, which aligns with the 25th, 75th, and 90th percentiles, indicating a consistent tax rate across various property values. This rate is notably higher than the national median property tax rate of 0.99%, impacting homeowners by requiring a more substantial annual tax payment. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Owatonna Tax Bill
$2,082
Average Dodge County Tax Bill
$3,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Owatonna, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55060 | $2,082 | $2,082 | $2,082 | $2,082 | $2,082 |
Source: Ownwell