Saint Peter, Minnesota Property Taxes
The median property tax rate in Saint Peter, MN is 0.97%, slightly lower than the national median of 0.99% but higher than the state median of 1.11%. With the median home value in Saint Peter at $395,000, the typical annual property tax bill reaches $3,704, surpassing the national median of $2,690. Property taxes in Saint Peter 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 Saint Peter'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 Saint Peter 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
Saint Peter, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Saint Peter Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Saint Peter with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Saint Peter 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 Saint Peter, Minnesota
Property taxes in Saint Peter, Minnesota, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Saint Peter is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Saint Peter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saint Peter 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 Saint Peter's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56082 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Saint Peter provides valuable insights into the varying tax landscape across Le Sueur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Saint Peter Tax Rate
0.97%
Average Le Sueur County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saint Peter, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56082 | 0.82% | 0.93% | 0.97% | 1.03% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Saint Peter, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Saint Peter, Minnesota. The market value represents 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 Le Sueur 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 Saint Peter, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Saint Peter, the median home price is $395,000, with the median tax bill being $3,704 in the 56082 zip code.
Average Saint Peter Assessed Value
$395,000
Average Le Sueur County Assessed Value
$290,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Saint Peter, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56082 | $204,400 | $275,700 | $395,000 | $528,800 | $637,200 |
Source: Ownwell
Property Tax Bills Across Saint Peter, Minnesota
In Saint Peter, located in Le Sueur County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $395,000. Property taxes are influenced by several factors, including the assessed value of the property, local tax rates, and applicable exemptions. Homeowners in Saint Peter can expect a range in their property tax bills, with the 25th percentile at $2,466 and the 75th percentile reaching $5,182. For those at the 90th percentile, the tax bill can be as high as $6,868. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and property values affect their tax obligations. In Saint Peter, the highest and lowest median tax bills are both recorded at $3,704, indicating a consistent rate across the area. These property taxes play a crucial role in funding local services and infrastructure, impacting both the community and individual homeowners' finances.
Average Saint Peter Tax Bill
$3,704
Average Le Sueur County Tax Bill
$3,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Saint Peter, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56082 | $1,794 | $2,466 | $3,704 | $5,182 | $6,868 |
Source: Ownwell