Chester, Minnesota Property Taxes
The median property tax rate in Chester, MN is 0.95%, slightly lower than the national median of 0.99% and significantly below the Minnesota state median of 1.11%. With the median home value in Chester at $126,100, the typical annual property tax bill amounts to $1,254, which is considerably less than the national median of $2,690. Property taxes in Chester are calculated based on the tax assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural land. Understanding Chester'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 Chester 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
Chester, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$1,198
Ownwell’s Chester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chester 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 Chester, Minnesota
Property taxes in Chester, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chester is 1.25%, higher than both the Minnesota state median of 1.10% and the U.S. national median of 0.99%. Local government entities within Chester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chester 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 Chester's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55901 zip code has the highest median property tax rate of 1.25%, while the 55901 zip code has the lowest median tax rate of 1.25%. Understanding how these cities compare with Chester provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chester Tax Rate
0.95%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chester, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52134 | 0.54% | 0.69% | 0.95% | 0.97% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Chester, Minnesota
In Chester, 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 Mower 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 Chester, 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. The median home price in Chester is $126,100, and the median tax bill ranges between $1,204 and $1,296, reaching up to $1,321 at the 90th percentile. The zip code 52134 has the highest and lowest median tax bills at $1,254. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chester Assessed Value
$126,100
Average Mower County Assessed Value
$155,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chester, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52134 | $122,660 | $123,950 | $126,100 | $217,800 | $272,820 |
Source: Ownwell
Property Tax Bills Across Chester, Minnesota
In Chester, located in Mower County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Chester, the median home price is $126,100. With a tax bill at the 25th percentile being $1,204 and at the 75th percentile being $1,296, the property tax rate in Chester is relatively consistent. The highest median tax bill recorded in the area is $1,254, which aligns with the national median property tax rate of 0.99%. These property tax bills impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding these factors helps homeowners anticipate their annual expenses and the benefits they receive from their contributions to the community.
Average Chester Tax Bill
$1,254
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Chester, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52134 | $1,174 | $1,204 | $1,254 | $1,296 | $1,321 |
Source: Ownwell