Spring Valley, Minnesota Property Taxes
The median property tax rate in Spring Valley, MN is 0.86%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $367,100 in Spring Valley, the typical annual property tax bill reaches $2,607, slightly below the national median of $2,690. Property taxes in Spring Valley are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Spring Valley'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 Spring Valley or another part of Mower County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spring Valley, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$3,157
Ownwell’s SPRING VALLEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SPRING VALLEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SPRING VALLEY 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 Spring Valley, Minnesota
Property taxes in Spring Valley, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Valley is 0.86%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Spring Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Valley 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 Spring Valley's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55975 zip code has both the highest and the lowest median property tax rate of 0.86%. Understanding how these cities compare with Spring Valley 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 Spring Valley Tax Rate
0.86%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Valley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55975 | 0.40% | 0.57% | 0.86% | 0.93% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Spring Valley, Minnesota
In Spring Valley, 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 Spring Valley, 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, in Spring Valley, the median home price is $367,100, with annual tax bills ranging from $1,814 at the 25th percentile to $6,229 at the 90th percentile. The highest and lowest median tax bills are both $2,607 in the 55975 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Spring Valley, Minnesota
Source: Ownwell
$126,100
$294,650
$463,200
Average Spring Valley Assessed Value
$367,100
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 Spring Valley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55975 | $45,500 | $239,100 | $367,100 | $656,250 | $1,028,500 |
Source: Ownwell
Property Tax Bills Across Spring Valley, Minnesota
In Spring Valley, located in Mower County, MN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property's market value, determined by the county assessor. Several factors influence this value, including the property's size, location, and condition. Homeowners in Spring Valley experience varying tax bills, with the 25th percentile paying around $1,814 and the 75th percentile paying up to $4,330. The highest median tax bill in the area is $2,607, which is notably lower than the national median property tax rate of 0.99%. These property tax bills significantly impact homeowners by contributing to local services such as schools, public safety, and infrastructure maintenance. Understanding how these bills are calculated helps homeowners budget effectively and anticipate future financial obligations. By staying informed about the factors influencing their tax assessments, homeowners can better navigate the complexities of property taxation in Spring Valley.
Average Spring Valley Tax Bill
$2,607
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Valley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55975 | $496 | $1,814 | $2,607 | $4,330 | $6,229 |
Source: Ownwell