Sherburn, Minnesota Property Taxes
The median property tax rate in Sherburn, MN is 1.08%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Sherburn at $140,700, the typical annual property tax bill amounts to $1,382, which is below the national median of $2,690. Property taxes in Sherburn are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Sherburn'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 Sherburn or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sherburn, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$1,520
Ownwell’s SHERBURN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SHERBURN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SHERBURN 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 Sherburn, Minnesota
Property taxes in Sherburn, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherburn is 1.08%, which is higher than the U.S. national median of 0.99%. Local government entities within Sherburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherburn 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 Sherburn's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56171 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Sherburn provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sherburn Tax Rate
1.08%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherburn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56171 | 0.37% | 0.55% | 1.08% | 1.51% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Sherburn, Minnesota
In Sherburn, 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 Martin 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 Sherburn, 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. Sherburn's median home price stands at $140,700 with tax bills ranging from $818 at the 25th percentile to $3,335 at the 90th percentile. Notably, the highest and lowest median tax bills are both $1,382 in the 56171 zip code. Being aware of these valuation processes in Sherburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sherburn Assessed Value
$140,700
Average Martin County Assessed Value
$139,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sherburn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56171 | $28,260 | $71,475 | $140,700 | $273,300 | $541,680 |
Source: Ownwell
Property Tax Bills Across Sherburn, Minnesota
In Sherburn, located in Martin County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Sherburn is $140,700. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding needs, and public services influence these rates. Homeowners in Sherburn can expect their property tax bills to vary significantly. For instance, tax bills in the 25th percentile are around $818, while those in the 75th percentile reach approximately $2,206. At the higher end, the 90th percentile tax bills can be as much as $3,335. The median property tax rate in Sherburn is 0.99%, aligning with the national median. These tax bills directly impact homeowners by influencing their overall housing costs and potentially affecting their ability to invest in other areas. Understanding how these taxes are calculated helps homeowners plan better and advocate for fair assessments.
Average Sherburn Tax Bill
$1,382
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherburn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56171 | $414 | $818 | $1,382 | $2,206 | $3,335 |
Source: Ownwell