Strandquist, Minnesota Property Taxes
The median property tax rate in Strandquist, MN is 0.90%, which is lower than the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Strandquist at $66,900, the typical annual property tax bill is $434, significantly below the national median of $2,690. Property taxes in Strandquist are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Strandquist'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 Strandquist 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
Strandquist, 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 Strandquist Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Strandquist with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Strandquist 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 Strandquist, Minnesota
Property taxes in Strandquist, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Strandquist is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Strandquist set these rates annually, and they can vary across different neighborhoods. Each year, Strandquist 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 Strandquist's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56758 has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Strandquist provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Strandquist Tax Rate
0.90%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Strandquist, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56758 | 0.43% | 0.53% | 0.90% | 1.74% | 3.33% |
Source: Ownwell
Property Tax Assessment Values Across Strandquist, Minnesota
In Strandquist, 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 Marshall 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 Strandquist, 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 Strandquist is $66,900, with tax bills ranging from $164 at the 25th percentile to $1,438 at the 90th percentile. Notably, the zip code 56758 has the highest and lowest median tax bill at $434. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Strandquist Assessed Value
$66,900
Average Marshall County Assessed Value
$114,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Strandquist, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56758 | $2,050 | $12,000 | $66,900 | $143,600 | $214,440 |
Source: Ownwell
Property Tax Bills Across Strandquist, Minnesota
In Strandquist, located in Marshall County, MN, property tax bills are determined by assessing the value of a homeowner’s property and then applying the local tax rate. The median home price in Strandquist is $66,900. Property taxes are calculated based on this assessed value, which is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Strandquist experience a range of tax bills. For instance, the 25th percentile tax bill is $164, while the 75th percentile tax bill is $931, and the 90th percentile tax bill reaches $1,438. These variations reflect differences in property values and any applicable exemptions. The highest and lowest median tax bills in the area are both $434, situated in the 56758 zip code. Compared to the national median property tax rate of 0.99%, Strandquist's property tax rates impact homeowners differently based on their individual property assessments.
Average Strandquist Tax Bill
$434
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Strandquist, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56758 | $71 | $164 | $434 | $931 | $1,438 |
Source: Ownwell