Owatonna, Steele County, Minnesota Property Taxes

Name: Property Tax Bills Across Owatonna, Steele County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Owatonna, MN effective property tax rate: 1.41%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Owatonna, MN home value: $243,600
Median annual Owatonna, MN tax bill: $3,132, $732 higher than the national median property tax bill of $2,400.

How are property taxes in Steele County calculated?

Property taxes in Owatonna, 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 Owatonna’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Owatonna, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Owatonna, Steele County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.41%

Estimate Property Tax Bill

$3,435

$3,187

Ownwell’s Owatonna Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Owatonna with just two data points. By entering your property's estimated assessed value, our calculator applies Owatonna’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Steele County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Owatonna, Steele County, Minnesota

Local government entities set tax rates, which can vary widely within a state. This is because each county estimates its required budget to provide services annually and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the annual process in a nutshell. In Owatonna, located in Steele County, MN, the effective property tax rate is notably higher than the national median rate of 1.02%. Steele County's median tax rate stands at 1.41%, which is also the highest in the state. This rate reflects the county's budgetary needs and the value of taxable properties within its jurisdiction. By comparing Owatonna's property tax rate to the national standard, residents can better understand their tax obligations and how they align with broader trends. Such insights can be crucial for homeowners considering property tax appeals or exemptions to manage their financial responsibilities effectively.

Property Tax Rates Across Owatonna, Steele County, Minnesota

Source: Ownwell

0.45%

0.94%

1.42%

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 Owatonna Tax Rate

1.41%

Median Effective Steele County Tax Rate

1.36%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Owatonna, Steele County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55060	0.52%	1.23%	1.41%	1.47%	1.52%

Source: Ownwell

Property Tax Assessment Values Across Owatonna, Steele County, Minnesota

When examining property taxes in Owatonna, 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 Steele County Assessor's Office 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.

Assessment notices: In Steele County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Owatonna. For example, the median home price in Owatonna is $243,600, with tax bills ranging significantly across the county. 55060 has the highest median home price at $243,600.

Property Tax Assessment Values Across Owatonna, Steele County, Minnesota

Source: Ownwell

$142,100

$256,400

$370,700

Median Owatonna Market Value

$243,600

Median Steele County Market Value

$246,000

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Owatonna, Steele County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55060	$127,300	$183,700	$243,600	$332,425	$452,160

Source: Ownwell

Property Tax Bills Across Owatonna, Steele County, Minnesota

In Owatonna, Steele 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 reflects the market value of the property, and the local tax rate is applied to this value to determine the tax bill. With a median home price of $243,600, homeowners in Owatonna may face varying tax bills. The median tax bill in the area is $3,132, which is above the national median tax bill of $2,400. Tax bills can range significantly, with the 25th percentile at $2,220 and the 90th percentile reaching $5,491. These variations depend on factors such as property location, improvements, and market trends. High property taxes can impact homeowners by increasing their annual expenses. However, Ownwell offers property tax appeal and exemption services to help homeowners potentially lower their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell assists in securing reductions, ensuring homeowners pay only their fair share.

Property Tax Bills Across Owatonna, Steele County, Minnesota

Source: Ownwell

$1,828

$2,480

$3,132

Median Owatonna Tax Bill

$3,132

Median Steele County Tax Bill

$2,874

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Owatonna, Steele County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55060	$1,101	$2,220	$3,132	$4,222	$5,491

Source: Ownwell