Roscoe, Minnesota Property Taxes
The median property tax rate in Roscoe, MN is 1.03%, slightly higher than the national median of 0.99% but lower than Minnesota's state median of 1.11%. With a median home value of $154,200 in Roscoe, the typical annual property tax bill reaches $1,704, which is below the national median of $2,690. Property taxes in Roscoe 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 Roscoe'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 Roscoe or another part of Stearns County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Roscoe, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,588
Ownwell’s Roscoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Roscoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Roscoe 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 Roscoe, Minnesota
Property taxes in Roscoe, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Roscoe is 1.03%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Roscoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roscoe 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 Roscoe's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56371 zip code has the highest median property tax rate of 1.03%, while the 56371 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Roscoe 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 Roscoe Tax Rate
1.03%
Average Stearns County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Roscoe, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56371 | 0.89% | 0.95% | 1.03% | 1.33% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Roscoe, Minnesota
In Roscoe, 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 Roscoe, 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 Roscoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,704 in zip code 56371, while the lowest median tax bill is also $1,704 in the same zip code.
Average Roscoe Assessed Value
$154,200
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 Roscoe, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56371 | $93,250 | $117,250 | $154,200 | $192,575 | $258,150 |
Source: Ownwell
Property Tax Bills Across Roscoe, Minnesota
In Roscoe, property tax bills are calculated based on the assessed value of a home, which is determined by the Stearns County assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Roscoe typically see a tax bill that falls within a range influenced by various factors, including the property's location, size, and condition. For instance, the median home price in Roscoe is $154,200, and property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $1,262, while those at the 75th percentile could see bills as high as $2,263. The top 10% of taxpayers might face even steeper bills, reaching up to $2,709. Comparatively, the national median property tax rate is 0.99%, and Roscoe's tax bills reflect a range that can impact homeowners differently. These variations in tax bills underscore the importance of understanding local property assessments and how they translate into annual tax obligations.
Average Roscoe Tax Bill
$1,704
Average Stearns County Tax Bill
$2,818
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Roscoe, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56371 | $900 | $1,262 | $1,704 | $2,263 | $2,709 |
Source: Ownwell