Ostrander, Minnesota Property Taxes
The median property tax rate in Ostrander, MN is 0.85%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Ostrander at $283,000, the typical annual property tax bill is $2,406, falling below the national median of $2,690. Property taxes in Ostrander are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ostrander'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 Ostrander 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
Ostrander, 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 Ostrander Property Tax Bill Calculator offers a seamless way for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Ostrander with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Ostrander to provide an accurate estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities clearly. For those interested in neighborhood-level trends, additional localized information is available further down. Your property’s assessed value, determined by the county, serves as the basis for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Ostrander, Minnesota
Property taxes in Ostrander, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Ostrander is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Ostrander set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ostrander 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. For comparison, the zip code 55961 has the same median property tax rate of 0.85%. Understanding how these areas compare with Ostrander 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 Ostrander Tax Rate
0.85%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ostrander, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55961 | 0.29% | 0.38% | 0.85% | 1.00% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Ostrander, Minnesota
In Ostrander, 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 Ostrander, 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 Ostrander helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ostrander are both $2406, found in the zip code 55961.
Average Ostrander Assessed Value
$283,000
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 Ostrander, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55961 | $122,900 | $179,250 | $283,000 | $901,900 | $1,977,800 |
Source: Ownwell
Property Tax Bills Across Ostrander, Minnesota
In Ostrander, property tax bills are calculated based on the assessed value of your home, which is determined by the Mower County assessor. This assessed value is then multiplied by the local tax rate to arrive at your annual property tax bill. For example, with a median home price of $283,000, homeowners can expect varying tax bills depending on their property's assessed value and any applicable exemptions. Factors influencing the tax bill include the property's market value, local tax rates, and any exemptions for which the homeowner qualifies. In Ostrander, tax bills can range significantly, with the 25th percentile at $1,666 and the 75th percentile at $3,593. The 90th percentile tax bill can go up to $5,766, reflecting higher-valued properties or fewer exemptions. These tax bills impact homeowners by contributing to the overall cost of homeownership, affecting monthly budgets and long-term financial planning. Understanding how these taxes are calculated can help homeowners anticipate their expenses and manage their finances more effectively.
Average Ostrander Tax Bill
$2,406
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Ostrander, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55961 | $876 | $1,666 | $2,406 | $3,593 | $5,766 |
Source: Ownwell