Owatonna, Minnesota Property Taxes
The median property tax rate in Owatonna, MN is 1.41%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Owatonna, the typical annual property tax bill reaches $3,132, exceeding the national median of $2,690. Property taxes in Owatonna 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 Owatonna'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 Owatonna 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
Owatonna, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$3,435
Ownwell’s Owatonna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Owatonna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Owatonna 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 Owatonna, Minnesota
Property taxes in Owatonna, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Owatonna is 1.41%, which is significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Owatonna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owatonna 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 Owatonna's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55060 zip code has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Owatonna provides valuable insights into the varying tax landscape across Steele County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Owatonna Tax Rate
1.41%
Average Steele County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owatonna, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55060 | 0.52% | 1.23% | 1.41% | 1.47% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Owatonna, Minnesota
In Owatonna, 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 Steele 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 Owatonna, 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. The median home price in Owatonna is $243,600, with tax bills ranging from $2,220 at the 25th percentile to $5,491 at the 90th percentile. The zip code 55060 has the highest and lowest median tax bill at $3,132. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Owatonna Assessed Value
$243,600
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 Owatonna, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55060 | $127,300 | $183,700 | $243,600 | $332,425 | $452,160 |
Source: Ownwell
Property Tax Bills Across Owatonna, Minnesota
In Owatonna, located in Steele County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is an estimation of the property's market value, which is periodically evaluated by the county assessor. This value is then multiplied by the local tax rate to calculate the annual property tax bill. For a median home price of $243,600, homeowners can expect a varied range of tax bills. The 25th percentile tax bill stands at $2,220, while the 75th percentile reaches $4,222, and the 90th percentile goes up to $5,491. These figures highlight the potential fluctuation in property taxes within the area. Homeowners in Owatonna may find their property tax bills higher than the national median property tax rate of 0.99%. This can significantly affect household budgets, emphasizing the importance of understanding property assessments and exploring potential exemptions or appeals to manage tax liabilities effectively.
Average Owatonna Tax Bill
$3,132
Average Steele County Tax Bill
$2,874
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Owatonna, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55060 | $1,101 | $2,220 | $3,132 | $4,222 | $5,491 |
Source: Ownwell