Ormsby, Minnesota Property Taxes
The median property tax rate in Ormsby, MN is 0.87%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $115,300 in Ormsby, the typical annual property tax bill is $1,046, significantly below the national median of $2,690. Property taxes in Ormsby are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ormsby'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 Ormsby 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
Ormsby, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,003
Ownwell’s Ormsby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ormsby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ormsby 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 Ormsby, Minnesota
Property taxes in Ormsby, Minnesota, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Ormsby is 1.15%, higher than the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Ormsby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ormsby 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 Ormsby's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56162 zip code has both the highest and lowest median property tax rate of 1.15%. Understanding how these cities compare with Ormsby provides valuable insights into the varying tax landscape across Watonwan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ormsby Tax Rate
0.87%
Average Watonwan County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ormsby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56162 | 0.48% | 0.79% | 0.87% | 1.05% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Ormsby, Minnesota
In Ormsby, 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 local 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 Ormsby, 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 Ormsby is $115,300, with annual tax bills ranging from $584 at the 25th percentile to $3,397 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 56162, valued at $1,046. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ormsby Assessed Value
$115,300
Average Watonwan County Assessed Value
$150,750
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ormsby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56162 | $31,420 | $61,500 | $115,300 | $203,700 | $1,094,200 |
Source: Ownwell
Property Tax Bills Across Ormsby, Minnesota
In Ormsby, located in Watonwan County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the market value of your home. Various factors influence this assessment, including the size, location, and condition of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $115,300, homeowners can expect their tax bills to vary widely. The tax bill at the 25th percentile is $584, while at the 75th percentile, it reaches $1,980, and at the 90th percentile, it climbs to $3,397. These property taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life in Ormsby. Compared to the national median property tax rate of 0.99%, Ormsby's rates reflect the local economic and administrative factors that influence homeowners' financial responsibilities.
Average Ormsby Tax Bill
$1,046
Average Watonwan County Tax Bill
$1,480
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Ormsby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56162 | $282 | $584 | $1,046 | $1,980 | $3,397 |
Source: Ownwell