Ostrander, Minnesota Property Taxes
The median property tax rate in Ostrander, MN is 0.92%, 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 Ostrander at $136,600, the typical annual property tax bill is around $1,185, falling below the national median of $2,690. Property taxes in Ostrander are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Ostrander'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 Ostrander or another part of Fillmore County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ostrander, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,257
Ownwell’s Ostrander Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ostrander with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ostrander 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 Fillmore County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ostrander, Minnesota
Property taxes in Ostrander, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ostrander is 0.92%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Ostrander set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ostrander 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 Ostrander's effective property tax rate to other areas in Fillmore County and the national median. For comparison, the zip code 55961 has both the highest and lowest median property tax rate in Fillmore County, standing at 0.92%. Understanding how these areas compare with Ostrander provides valuable insights into the varying tax landscape across Fillmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ostrander Tax Rate
0.92%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ostrander, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55961 | 0.35% | 0.74% | 0.92% | 1.08% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Ostrander, Minnesota
In Ostrander, 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 Fillmore County Assessor 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 Ostrander, 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. The median home price in Ostrander is $136,600, with property tax bills ranging from $740 at the 25th percentile to $2,417 at the 90th percentile. The zip code with the highest and lowest median tax bill is 55961, both at $1,185. Being aware of these valuation processes in Ostrander helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ostrander Assessed Value
$136,600
Average Fillmore County Assessed Value
$193,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ostrander, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55961 | $16,160 | $86,500 | $136,600 | $194,600 | $585,940 |
Source: Ownwell
Property Tax Bills Across Ostrander, Minnesota
In Ostrander, located in Fillmore County, MN, property tax bills are a crucial aspect of homeownership. These bills are calculated based on the assessed value of the property, which is determined by local assessors who evaluate the market conditions and characteristics of the home. The median home price in Ostrander is $136,600, which serves as a baseline for these assessments. The tax rate applied to this assessed value is pivotal in determining the final tax bill. Ostrander’s property tax bills range significantly, with the 25th percentile at $740 and the 75th percentile at $1812. At the 90th percentile, homeowners can expect to pay around $2417. This range indicates the variability based on property values and specific assessments. For homeowners, these tax bills represent a substantial financial consideration. Compared to the national median property tax rate of 0.99%, Ostrander's rates reflect local economic conditions and funding requirements for public services. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Ostrander Tax Bill
$1,185
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Ostrander, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55961 | $191 | $740 | $1,185 | $1,812 | $2,417 |
Source: Ownwell