Freeport, Minnesota Property Taxes
The median property tax rate in Freeport, MN is 0.81%, 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 $317,400 in Freeport, the typical annual property tax bill comes to $2,654, slightly below the national median of $2,690. Property taxes in Freeport are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Freeport'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 Freeport or another part of Stearns County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Freeport, 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 Freeport Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Freeport with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Freeport to provide an accurate estimate of your property tax bill. This practical tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Stearns County for property tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Freeport, Minnesota
Property taxes in Freeport, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeport is 0.81%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Freeport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeport 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 Freeport's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56331 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Freeport provides valuable insights into the varying tax landscape across Stearns County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freeport Tax Rate
0.81%
Average Stearns County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeport, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56331 | 0.31% | 0.45% | 0.81% | 1.15% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Freeport, Minnesota
In Freeport, 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 Stearns 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 Freeport, 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 Freeport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 56331, with a median tax bill of $2,654.
Average Freeport Assessed Value
$317,400
Average Stearns County Assessed Value
$269,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freeport, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56331 | $150,760 | $223,500 | $317,400 | $527,500 | $964,280 |
Source: Ownwell
Property Tax Bills Across Freeport, Minnesota
In Freeport, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $317,400 in the area, the tax bill can vary significantly. Homeowners in the 25th percentile can expect a tax bill of around $1,850, while those in the 75th percentile might see a bill closer to $3,526. At the 90th percentile, the tax bill can reach up to $4,502. Several factors influence the tax bill, including property size, location, and improvements. Additionally, local government budgets and school funding requirements can impact the tax rate. Compared to the national median property tax rate of 0.99%, Freeport's property taxes can be seen as relatively high, which can affect homeowners by increasing their annual expenses. Understanding these factors can help homeowners anticipate their financial responsibilities and plan accordingly.
Average Freeport Tax Bill
$2,654
Average Stearns County Tax Bill
$2,818
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeport, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56331 | $1,180 | $1,850 | $2,654 | $3,526 | $4,502 |
Source: Ownwell