Steen, Minnesota Property Taxes
The median property tax rate in Steen, MN is 0.76%, which is considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Steen, the typical annual property tax bill reaches $620, significantly below the national median of $2,690. Property taxes in Steen are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Steen'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 Steen 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
Steen, 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 Steen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Steen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Steen 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 Steen, Minnesota
Property taxes in Steen, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Steen is 0.76%, which is lower than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Steen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Steen 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 Steen's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in Rock County is also 0.76%, while the lowest median tax rate is the same at 0.76%. Understanding how these cities compare with Steen provides valuable insights into the varying tax landscape across Rock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Steen Tax Rate
0.76%
Average Rock County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Steen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56173 | 0.50% | 0.57% | 0.76% | 0.84% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Steen, Minnesota
In Steen, 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 Rock 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 Steen, 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 Steen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56173, with a median tax bill of $620, while the lowest is also 56173, with the same median tax bill of $620.
Average Steen Assessed Value
$84,000
Average Rock County Assessed Value
$166,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Steen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56173 | $3,800 | $27,900 | $84,000 | $180,500 | $285,300 |
Source: Ownwell
Property Tax Bills Across Steen, Minnesota
In Steen, located in Rock County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Steen is $84,000. To determine the tax bill, the assessed value is multiplied by the local tax rate, which is influenced by various factors including local government budgets, school district funding, and public services. For example, homeowners in Steen face a range of tax bills, with the 25th percentile paying around $199 and the 75th percentile facing up to $1,291 annually. The 90th percentile sees tax bills as high as $1,834. This variability can significantly affect homeowners in the area. With the national median property tax rate at 0.99%, homeowners in Steen may find their tax bills relatively manageable or burdensome, depending on their home's assessed value and the specific rate applied. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Steen Tax Bill
$620
Average Rock County Tax Bill
$1,430
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Steen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56173 | $18 | $199 | $620 | $1,291 | $1,834 |
Source: Ownwell