Osseo, Minnesota Property Taxes
The median property tax rate in Osseo, MN is 1.33%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Osseo at $298,000, the typical annual property tax bill reaches $4,518, exceeding the national median of $2,690. Property taxes in Osseo 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 Osseo'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 Osseo 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
Osseo, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$3,963
Ownwell’s Osseo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osseo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osseo 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 Osseo, Minnesota
Property taxes in Osseo, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Osseo is 1.33%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Osseo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osseo 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 Osseo's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55369 zip code has the highest median property tax rate of 1.33%, while the 55369 zip code also has the lowest median tax rate of 1.33%. Understanding how these areas compare with Osseo provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Osseo Tax Rate
1.33%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osseo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55369 | 1.14% | 1.16% | 1.33% | 1.41% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Osseo, Minnesota
In Osseo, 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 Hennepin 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 Osseo, 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 Osseo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Osseo is $298,000, with tax bills ranging from $3,500 at the 25th percentile to $7,217 at the 90th percentile. The zip code with the highest and lowest median tax bill is 55369, both at $4,518.
Average Osseo Assessed Value
$298,000
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Osseo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55369 | $98,000 | $227,000 | $298,000 | $431,975 | $587,000 |
Source: Ownwell
Property Tax Bills Across Osseo, Minnesota
In Osseo, located in Hennepin County, MN, property tax bills are determined by assessing the market value of a home and applying the local tax rate. For a median home price of $298,000, the property tax rate is calculated based on various factors, including the property's assessed value and the specific tax rate set by local taxing authorities. Homeowners in Osseo can expect their annual tax bills to vary significantly. For instance, the 25th percentile tax bill is around $3,500, while the 75th percentile tax bill reaches $5,520. Those at the 90th percentile could see bills as high as $7,217. The median property tax bill in the area is $4,518, which is higher than the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life. Homeowners need to budget for these expenses, as they can significantly influence overall housing affordability.
Average Osseo Tax Bill
$4,518
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Osseo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55369 | $2,042 | $3,500 | $4,518 | $5,520 | $7,217 |
Source: Ownwell