Cottage Grove, Minnesota Property Taxes
The median property tax rate in Cottage Grove, MN is 1.22%, significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Cottage Grove at $325,300, the typical annual property tax bill reaches $4,020, surpassing the national median of $2,690. Property taxes in Cottage Grove are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cottage Grove'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 Cottage Grove 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
Cottage Grove, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$3,969
Ownwell’s Cottage Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cottage Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cottage Grove 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 Cottage Grove, Minnesota
Property taxes in Cottage Grove, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cottage Grove is 1.22%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Cottage Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cottage Grove 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 Cottage Grove's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55016 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Cottage Grove provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cottage Grove Tax Rate
1.22%
Average Washington County Tax Rate
1.12%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cottage Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55016 | 1.18% | 1.20% | 1.22% | 1.24% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Cottage Grove, Minnesota
In Cottage Grove, 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 Washington 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 Cottage Grove, 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 Cottage Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 55016 has the highest and lowest median tax bill of $4020.
Property Tax Assessment Values Across Cottage Grove, Minnesota
Source: Ownwell
$12,550
$585,000
$1,157,450
Average Cottage Grove Assessed Value
$325,300
Average Washington County Assessed Value
$376,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cottage Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55016 | $238,100 | $282,700 | $325,300 | $409,400 | $500,310 |
Source: Ownwell
Property Tax Bills Across Cottage Grove, Minnesota
In Cottage Grove, Washington County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value generally reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the tax bill, including the property's location within specific school districts, city services, and special assessments for local improvements. For instance, Cottage Grove homeowners experience a median property tax bill of $4,020, which is notably higher than the national median property tax rate of 0.99%. Homeowners in the 25th percentile pay approximately $3,414, while those in the 75th percentile can expect to pay around $5,083. At the 90th percentile, the tax bill can reach up to $6,174. These taxes fund essential community services such as public schools, infrastructure maintenance, and emergency services, directly impacting the quality of life for residents.
Average Cottage Grove Tax Bill
$4,020
Average Washington County Tax Bill
$4,148
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cottage Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55016 | $2,828 | $3,414 | $4,020 | $5,083 | $6,174 |
Source: Ownwell