Cushing, Minnesota Property Taxes
The median property tax rate in Cushing, MN is 0.73%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Cushing at $301,700, the typical annual property tax bill amounts to $2,060, which is below the national median of $2,690. Property taxes in Cushing are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Cushing'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 Cushing 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
Cushing, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$2,202
Ownwell’s Cushing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cushing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cushing 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 Cushing, Minnesota
Property taxes in Cushing, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cushing is 0.73%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Cushing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cushing 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 Cushing's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56443 zip code has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Cushing provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cushing Tax Rate
0.73%
Average Todd County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cushing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56443 | 0.47% | 0.67% | 0.73% | 0.79% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Cushing, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cushing, Minnesota. 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 Todd 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 Cushing, 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 median home price in Cushing is $301,700, with tax bills ranging from $1,205 at the 25th percentile to $4,000 at the 90th percentile. The highest and lowest median tax bill in the area is $2,060 in zip code 56443. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cushing Assessed Value
$301,700
Average Todd County Assessed Value
$198,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cushing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56443 | $90,560 | $201,150 | $301,700 | $426,300 | $565,500 |
Source: Ownwell
Property Tax Bills Across Cushing, Minnesota
In Cushing, MN, located in Todd County, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Cushing is $301,700. Property taxes are calculated by multiplying the assessed value by the local tax rate, which is influenced by various factors such as school district funding, infrastructure needs, and municipal services. For example, homeowners in the 25th percentile can expect to pay around $1,205 in property taxes, while those in the 75th percentile may face bills up to $2,970. The 90th percentile sees tax bills as high as $4,000. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners to understand how local rates and home values impact their financial obligations. This system ensures that property taxes are proportionate to the value of the property, affecting homeowners by contributing to community services and infrastructure while reflecting the market value of their homes.
Average Cushing Tax Bill
$2,060
Average Todd County Tax Bill
$1,544
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cushing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56443 | $538 | $1,205 | $2,060 | $2,970 | $4,000 |
Source: Ownwell