Chokio, Minnesota Property Taxes
The median property tax rate in Chokio, MN is 1.52%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Chokio, the typical annual property tax bill reaches $1,130, which is below the national median of $2,690. Property taxes in Chokio 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 Chokio'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 Chokio 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
Chokio, 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 Chokio Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chokio with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chokio 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 Chokio, Minnesota
Property taxes in Chokio, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Chokio is 1.52%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Chokio set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chokio 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 Chokio's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56221 zip code has the highest median property tax rate of 1.52%, while the 56221 zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with Chokio provides valuable insights into the varying tax landscape across Stevens County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chokio Tax Rate
1.52%
Average Stevens County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chokio, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56221 | 1.18% | 1.38% | 1.52% | 1.69% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Chokio, Minnesota
In Chokio, 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 Stevens 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 Chokio, 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. The highest median tax bill in the area is $1,130 in the 56221 zip code, while the lowest median tax bill is also $1,130 in the same 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 Chokio Assessed Value
$80,400
Average Stevens County Assessed Value
$112,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chokio, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56221 | $9,220 | $43,000 | $80,400 | $115,200 | $197,420 |
Source: Ownwell
Property Tax Bills Across Chokio, Minnesota
In Chokio, Stevens County, MN, 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 homeowners in Chokio, the median home price is $80,400, and property tax bills can vary significantly. For example, the tax bill at the 25th percentile is $626, while at the 75th percentile, it rises to $1,738. At the 90th percentile, homeowners might pay as much as $2,841 annually. These variations are influenced by factors such as property location, home size, and any applicable exemptions. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how local rates might impact homeowners differently. High property taxes can affect affordability and overall cost of living, making it crucial for homeowners to understand their tax obligations and explore potential exemptions.
Average Chokio Tax Bill
$1,130
Average Stevens County Tax Bill
$1,340
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Chokio, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56221 | $219 | $626 | $1,130 | $1,738 | $2,841 |
Source: Ownwell