Sandstone, Minnesota Property Taxes
The median property tax rate in Sandstone, MN is 0.99%, aligning exactly with the national median of 0.99% but still below the Minnesota state median of 1.11%. With the median home value in Sandstone at $172,400, the typical annual property tax bill reaches $1,586, which is lower than the national median of $2,690. Property taxes in Sandstone 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 Sandstone'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 Sandstone 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
Sandstone, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,707
Ownwell’s Sandstone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sandstone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sandstone 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 Sandstone, Minnesota
Property taxes in Sandstone are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sandstone is 0.99%, which is on par with the U.S. national median of 0.99%. Local government entities within Sandstone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sandstone 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 Sandstone's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55072 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Sandstone provides valuable insights into the varying tax landscape across Kanabec County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sandstone Tax Rate
0.99%
Average Kanabec County Tax Rate
1.11%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sandstone, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55072 | 0.71% | 0.91% | 0.99% | 1.03% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Sandstone, Minnesota
In Sandstone, 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 Kanabec 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 Sandstone, 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. For instance, the median home price in Sandstone is $172,400, with tax bills ranging significantly. The zip code 55072, for example, has the highest median tax bill at $1,586. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Sandstone Assessed Value
$172,400
Average Kanabec County Assessed Value
$192,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sandstone, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55072 | $28,680 | $93,900 | $172,400 | $242,700 | $377,340 |
Source: Ownwell
Property Tax Bills Across Sandstone, Minnesota
Property tax bills in Sandstone, Kanabec County, MN are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For homeowners in Sandstone, the median home price is $172,400. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In Sandstone, the 25th percentile tax bill is $807, while the 75th percentile tax bill reaches $2,292. For those at the higher end, the 90th percentile tax bill can be as much as $3,275. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. While the national median property tax rate is 0.99%, homeowners in Sandstone may find their tax obligations vary, reflecting the unique aspects of their properties and the specific needs of their community.
Average Sandstone Tax Bill
$1,586
Average Kanabec County Tax Bill
$2,112
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Sandstone, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55072 | $304 | $807 | $1,586 | $2,292 | $3,275 |
Source: Ownwell