Spring Grove, Minnesota Property Taxes
The median property tax rate in Spring Grove, MN is 0.36%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $255,150 in Spring Grove, the typical annual property tax bill is $1,393, which is well below the national median of $2,690. Property taxes in Spring Grove are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding the property tax system in Spring Grove, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Spring Grove 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
Spring Grove, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$919
Ownwell’s Spring Grove Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Spring Grove with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Spring Grove to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, ensuring you are well-informed. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value, determined by the county for tax calculations, includes any applicable exemptions, making this tool invaluable for accurate financial planning.
Property Tax Rates Across Spring Grove, Minnesota
Property taxes in Spring Grove, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Grove is 0.36%, which is lower than both the Minnesota state median of 1.07% and the U.S. national median of 0.99%. Local government entities within Spring Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Grove 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 Spring Grove's effective property tax rate to other counties in Minnesota and the national median. Understanding how these cities compare with Spring Grove 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 Spring Grove Tax Rate
0.36%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55974 | 0.21% | 0.28% | 0.36% | 0.47% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Spring Grove, Minnesota
In Spring Grove, 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 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 Spring Grove, 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 Spring Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $255,150, with tax bills ranging from $669 at the 25th percentile to $2,195 at the 90th percentile. The zip code 55974 has both the highest and lowest median tax bill, which stands at $1,393.
Property Tax Assessment Values Across Spring Grove, Minnesota
Source: Ownwell
$136,600
$262,150
$387,700
Average Spring Grove Assessed Value
$255,150
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 Spring Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55974 | $145,540 | $190,825 | $255,150 | $626,900 | $1,202,450 |
Source: Ownwell
Property Tax Bills Across Spring Grove, Minnesota
In Spring Grove, located in Fillmore County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Spring Grove is $255,150. Property taxes in this region are influenced by various factors including the property's assessed value, the local levy rates, and any applicable exemptions or deductions. For homeowners, the impact of these taxes can be significant. The tax bill for properties in the 25th percentile is around $669, while those in the 75th percentile see bills closer to $2,097. The 90th percentile tax bill can reach up to $2,195. These figures indicate a range of potential tax burdens depending on the home's value and specific circumstances. Comparatively, the highest and lowest median tax bills in the area are both $1,393, which aligns with the national median property tax rate of 0.99%. This suggests that while some homeowners may face higher taxes, the overall property tax environment in Spring Grove is relatively consistent.
Average Spring Grove Tax Bill
$1,393
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55974 | $615 | $669 | $1,393 | $2,097 | $2,195 |
Source: Ownwell