Stewart, Minnesota Property Taxes
The median property tax rate in Stewart, MN is 2.48%, significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Stewart, the typical annual property tax bill reaches $499, which is below the national median of $2,690. Property taxes in Stewart 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 Stewart'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 Stewart 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
Stewart, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.48%
Estimate Property Tax Bill
$273
Ownwell’s Stewart Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stewart with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stewart 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 Stewart, Minnesota
Property taxes in Stewart, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stewart is 2.48%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Stewart set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stewart 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 Stewart's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55385 has the highest median property tax rate of 2.48%, while the same zip code also has the lowest median tax rate of 2.48%. Understanding how these cities compare with Stewart provides valuable insights into the varying tax landscape across McLeod County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stewart Tax Rate
2.48%
Average Mcleod County Tax Rate
1.47%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stewart, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55385 | 1.11% | 2.05% | 2.48% | 5.73% | 9.49% |
Source: Ownwell
Property Tax Assessment Values Across Stewart, Minnesota
In Stewart, 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 McLeod 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 Stewart, 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 Stewart helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55385 has both the highest and lowest median tax bill at $499.
Average Stewart Assessed Value
$11,000
Average Mcleod County Assessed Value
$25,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stewart, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55385 | $4,220 | $5,850 | $11,000 | $20,000 | $95,790 |
Source: Ownwell
Property Tax Bills Across Stewart, Minnesota
In Stewart, located in McLeod County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Stewart, the median home price is $11,000. Property tax bills vary significantly, with the 25th percentile paying around $270, while those in the 75th percentile pay approximately $1,451. At the 90th percentile, homeowners see tax bills as high as $2,060. The local tax rate in Stewart is influenced by various factors, including public service funding needs, school district requirements, and other municipal expenses. These property taxes significantly impact homeowners by contributing to local infrastructure, schools, and public services, ensuring the community remains well-maintained and functional. Comparing this to the national median property tax rate of 0.99%, Stewart's tax rates reflect the specific needs and property values within the community.
Average Stewart Tax Bill
$499
Average Mcleod County Tax Bill
$460
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Stewart, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55385 | $153 | $270 | $499 | $1,451 | $2,060 |
Source: Ownwell