Springfield, Minnesota Property Taxes
The median property tax rate in Springfield, MN is 0.66%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $241,550 in Springfield, the typical annual property tax bill amounts to $1,703, which is well below the national median of $2,690. Property taxes in Springfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Springfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Springfield or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Springfield, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,594
Ownwell’s Springfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springfield 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 Springfield, Minnesota
Property taxes in Springfield, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 0.66%, which is significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Springfield set these rates annually, and they can vary across different neighborhoods. Each year, Springfield 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 Springfield's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56087 has both the highest and lowest median property tax rate of 0.66%. Understanding how these rates compare with Springfield provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springfield Tax Rate
0.66%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56087 | 0.36% | 0.61% | 0.66% | 0.72% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, Minnesota
In Springfield, 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 Redwood 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 Springfield, 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 Springfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Springfield is $241,550, with the highest median tax bill being $1,703 in the 56087 zip code.
Average Springfield Assessed Value
$241,550
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56087 | $144,200 | $174,150 | $241,550 | $413,350 | $1,128,800 |
Source: Ownwell
Property Tax Bills Across Springfield, Minnesota
In Springfield, 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. For instance, the median home price in Springfield is $241,550. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property location, improvements, and exemptions. Homeowners in Springfield can expect a range of tax bills, with the 25th percentile at $1,211 and the 75th percentile at $2,707. At the 90th percentile, tax bills can reach $4,307. These figures show a significant variation based on property values and specific circumstances. Compared to the national median property tax rate of 0.99%, Springfield's tax bills are reflective of the local economic conditions and property values. For homeowners, understanding these factors is crucial for financial planning and property investment decisions.
Average Springfield Tax Bill
$1,703
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56087 | $933 | $1,211 | $1,703 | $2,707 | $4,307 |
Source: Ownwell