Sleepy Eye, Redwood County, Minnesota Property Taxes
Median Sleepy Eye, MN effective property tax rate: 0.70%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Sleepy Eye, MN home value: $221,150
Median annual Sleepy Eye, MN tax bill: $1,679, $721 lower than the national median property tax bill of $2,400.
How are property taxes in Redwood County calculated?
Property taxes in Sleepy Eye, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Sleepy Eye’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Sleepy Eye, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Sleepy Eye, Redwood County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.7%
Estimate Property Tax Bill
$1,548
$1,437
Property Tax Rates Across Sleepy Eye, Redwood County, Minnesota
Local government entities set tax rates, which can vary widely within a state. This variation is due to each county's annual estimation of its required budget for services, which is then divided by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is essentially the annual process.
In SLEEPY EYE in 27127 in MN, the effective property tax rate is a reflection of such calculations. When compared to other cities in MN and the median property tax rates in MN and the U.S., SLEEPY EYE’s rate offers a unique perspective. With MN’s median property tax rate at 1.02%, the national median tax rate, SLEEPY EYE stands out with its own figures. This comparison not only highlights the local tax landscape but also provides a broader understanding of how property taxes can differ significantly even within the same state.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Sleepy Eye Tax Rate
0.70%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Redwood County Tax Rate
1.19%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Sleepy Eye, Redwood County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56085 | 0.44% | 0.61% | 0.70% | 0.85% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Sleepy Eye, Redwood County, Minnesota
When examining property taxes in Sleepy Eye, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Redwood County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Redwood County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Sleepy Eye. For example, the median home price in Sleepy Eye is $221,150, with tax bills ranging significantly across the county. Zip code 56085 has the highest median home price at $221,150.
Property Tax Assessment Values Across Sleepy Eye, Redwood County, Minnesota
Source: Ownwell
$46,650
$175,025
$303,400
Median Sleepy Eye Market Value
$221,150
Median Redwood County Market Value
$117,650
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Sleepy Eye, Redwood County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56085 | $162,660 | $177,450 | $221,150 | $258,875 | $551,930 |
Source: Ownwell
Property Tax Bills Across Sleepy Eye, Redwood County, Minnesota
In Sleepy Eye, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value, which is influenced by factors such as location, property size, and market conditions. In Redwood County, the median property tax bill is $1,679, which is notably below the national median of $2,400. This lower tax bill reflects the relatively modest median home price of $221,150 in the area. However, tax bills can vary significantly, with the 25th percentile at $1,347 and the 90th percentile reaching $2,506, indicating a range of tax burdens based on property value and location.
Homeowners in Sleepy Eye can benefit from appealing their property tax assessments to ensure they are not overpaying. Ownwell offers expert assistance in navigating this process, potentially leading to significant savings. By leveraging local market data and expertise, Ownwell helps homeowners identify discrepancies in their assessments and file successful appeals, ultimately reducing their property tax bills and increasing financial peace of mind.
Median Sleepy Eye Tax Bill
$1,679
Median Redwood County Tax Bill
$1,276
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Sleepy Eye, Redwood County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56085 | $1,109 | $1,347 | $1,679 | $2,022 | $2,506 |
Source: Ownwell