Steele County Property Taxes
The median property tax rate in Steele County is 1.36%, which is significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Steele County, the typical annual property tax bill reaches $2,874, which slightly exceeds the national median of $2,690. Property taxes in Steele County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Steele County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Owatonna or another part of Steele County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Steele County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$3,346
Ownwell’s Steele County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Steele County with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Steele County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Steele County, Minnesota
Property taxes in Steele County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Steele County is 1.36%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Steele County set these rates annually, and they can vary significantly between different areas within the county. Each year, Steele County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Steele County's effective property tax rate with other counties in Minnesota and the national median. For comparison, the city of Hope has one of the higher property tax rates in Minnesota at 1.42%, while the city of Faribault boasts one of the lowest at 0.45%. Analyzing how Steele County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Steele County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Steele County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Blooming Prairie | 0.25% | 0.71% | 1.14% | 1.35% | 1.47% |
| Claremont | 0.24% | 0.27% | 0.49% | 0.97% | 1.07% |
| Ellendale | 0.22% | 0.35% | 0.72% | 1.29% | 1.56% |
| Faribault | 0.24% | 0.28% | 0.45% | 0.94% | 0.95% |
| Hartland | 0.34% | 0.55% | 0.70% | 0.75% | 0.88% |
| Hope | 1.12% | 1.30% | 1.42% | 1.61% | 1.73% |
| Kenyon | 0.74% | 0.75% | 0.78% | 1.57% | 3.00% |
| Medford | 0.29% | 0.81% | 1.07% | 1.28% | 1.42% |
| Morristown | 0.22% | 0.44% | 0.91% | 0.98% | 5.06% |
| New Richland | 0.22% | 0.44% | 0.74% | 0.78% | 0.80% |
| Owatonna | 0.52% | 1.23% | 1.41% | 1.47% | 1.52% |
| Waseca | 0.24% | 0.36% | 0.91% | 1.08% | 1.60% |
| West Concord | 0.25% | 0.30% | 0.60% | 0.88% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Steele County, Minnesota
In Steele County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Steele County Appraisal District. The assessed value, however, 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. Assessment notices in Steele County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Owatonna has the highest median tax bill at $3,132, while Kenyon has the lowest at $1,828. Being aware of these valuation processes in Steele County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Steele County, Minnesota
Source: Ownwell
$142,100
$277,200
$412,300
Average Steele County Assessed Value
$246,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Steele County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Blooming Prairie | $83,400 | $138,300 | $207,500 | $320,800 | $590,260 |
| Claremont | $163,940 | $255,150 | $370,700 | $632,200 | $950,800 |
| Ellendale | $79,750 | $152,675 | $278,250 | $448,825 | $807,800 |
| Faribault | $148,500 | $277,500 | $366,000 | $701,500 | $1,459,100 |
| Hartland | $106,150 | $206,000 | $412,300 | $724,500 | $931,000 |
| Hope | $45,260 | $110,150 | $142,100 | $188,100 | $253,980 |
| Kenyon | $139,200 | $176,900 | $217,100 | $246,700 | $249,200 |
| Medford | $28,460 | $153,400 | $254,300 | $372,800 | $638,120 |
| Morristown | $78,800 | $177,400 | $277,800 | $406,900 | $606,980 |
| New Richland | $58,450 | $204,075 | $321,350 | $500,425 | $787,450 |
| Owatonna | $127,300 | $183,700 | $243,600 | $332,425 | $452,160 |
| Waseca | $106,370 | $181,250 | $303,500 | $458,200 | $787,870 |
| West Concord | $179,280 | $233,250 | $337,400 | $600,600 | $1,249,320 |
Source: Ownwell
Property Tax Bills Across Steele County, Minnesota
In Steele County, MN, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the tax bill. Key factors influencing the tax bill include the property's market value, local levies, and applicable exemptions. For example, a median home price in Steele County stands at $246,000, and homeowners can expect tax bills ranging from $1,854 at the 25th percentile to $5,242 at the 90th percentile. The median property tax rate in Steele County, MN, is higher than the national median of 0.99%, which can impact homeowners significantly. Cities within the county show variation in median tax bills, with Owatonna having the highest at $3,132 and Kenyon the lowest at $1,828. This disparity highlights the importance of understanding local tax rates and assessed values, as they directly affect the financial obligations of homeowners in the region.
Average Steele County Tax Bill
$2,874
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Steele County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Blooming Prairie | $591 | $1,273 | $2,121 | $3,210 | $4,149 |
| Claremont | $537 | $1,175 | $2,342 | $3,652 | $4,575 |
| Ellendale | $466 | $1,156 | $1,948 | $2,974 | $4,068 |
| Faribault | $460 | $1,604 | $3,074 | $3,525 | $4,444 |
| Hartland | $880 | $1,153 | $2,093 | $2,906 | $4,128 |
| Hope | $914 | $1,827 | $2,136 | $2,635 | $3,329 |
| Kenyon | $1,396 | $1,549 | $1,828 | $4,219 | $5,788 |
| Medford | $262 | $1,050 | $2,546 | $3,631 | $4,800 |
| Morristown | $556 | $1,634 | $2,558 | $3,326 | $5,390 |
| New Richland | $300 | $1,240 | $2,010 | $2,946 | $3,813 |
| Owatonna | $1,101 | $2,220 | $3,132 | $4,222 | $5,491 |
| Waseca | $912 | $1,386 | $2,084 | $3,034 | $4,131 |
| West Concord | $893 | $1,650 | $2,630 | $3,249 | $5,416 |
Source: Ownwell