Stewart, Minnesota Property Taxes
The median property tax rate in Stewart, MN is 0.52%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Stewart at $595,100, the typical annual property tax bill comes to $2,496, which is below the national median of $2,690. Property taxes in Stewart are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Stewart'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 Stewart 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
Stewart, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$3,095
Ownwell’s Stewart Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Stewart. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Stewart to provide an accurate estimate of your property tax bill. This tool is essential for understanding your potential tax liabilities and planning your finances accordingly. For those interested in more granular insights, neighborhood-level trends are available for a deeper dive into property tax details. Your property’s assessed value, determined by the county, is crucial for these calculations and includes any applicable exemptions.
Property Tax Rates Across Stewart, Minnesota
Property taxes in Stewart, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stewart is 0.52%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Stewart set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stewart 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 Stewart's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55385 zip code has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Stewart provides valuable insights into the varying tax landscape across Sibley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stewart Tax Rate
0.52%
Average Sibley County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stewart, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55385 | 0.30% | 0.39% | 0.52% | 0.65% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Stewart, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Stewart, Minnesota. The market value represents 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 Sibley 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 Stewart, 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, the median home price in Stewart is $595,100, with tax bills ranging from $1,630 at the 25th percentile to $7,600 at the 90th percentile. The highest and lowest median tax bills, both at $2,496, are found in the 55385 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Stewart Assessed Value
$595,100
Average Sibley County Assessed Value
$273,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stewart, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55385 | $202,560 | $266,350 | $595,100 | $1,338,150 | $1,635,300 |
Source: Ownwell
Property Tax Bills Across Stewart, Minnesota
In Stewart, located in Sibley 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 Stewart is $595,100. Homeowners can expect their property tax bills to vary significantly depending on their home's assessed value and applicable exemptions. For example, the 25th percentile tax bill is approximately $1,630, while the 75th percentile tax bill rises to about $5,353. At the 90th percentile, homeowners may face tax bills as high as $7,600. These figures highlight the range of property tax burdens in the area, with the highest median tax bill in zip code 55385 being $2,496. This is considerably lower than the national median property tax rate of 0.99%, indicating a relatively favorable tax environment for homeowners in Stewart. However, the exact amount can vary based on factors such as property improvements, market conditions, and local government budgets, ultimately affecting how much homeowners pay annually.
Average Stewart Tax Bill
$2,496
Average Sibley County Tax Bill
$2,314
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Stewart, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55385 | $1,173 | $1,630 | $2,496 | $5,353 | $7,600 |
Source: Ownwell