Sherburne County, MN Property Tax Search
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In-depth Sherburne County, MN Property Tax Information
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Property Tax Calculation
In State of Minnesota counties or cities are responsible for property tax administration and the Department of Revenue only provides assistance and oversight. The process of calculating, imposing, and collecting Minnesota property taxes for a year actually spans two full calendar years. The two-year cycle begins with the January 2 statutory assessment date and extends all the way through the next calendar year until the property taxes have been paid.
Market value is the amount for which a property would sell in a competitive and open market, presuming that both buyer and seller are knowledgeable about the sale, allow sufficient time for it, and are not affected by undue pressures (e.g. foreclosures and bankruptcy).
| Land value | $78,300 | ||||||
| Building value | + | $193,000 | |||||
| Market value | = | $271,300 | |||||
Assessed Value
Each property's share of taxes is determined according to its value, use, and the property tax levies. Assessors are responsible for estimating property values and setting classification for tax purposes. Assessment ratio is currently set to 100% throughout Sherburne County.
| Assessed value | = | $271,300 | |||||
Exemptions and Taxable Value
Taxable value represents the assessed value less any tax exemptions that apply. Sherburne County provides several exemptions like homestead exemption, disabled veteran exclusion, green acres program etc. that may lower the property's tax bill. Usually public use properties are fully exempted from taxes. The class code describes such properties.
Unfortunately, no data regarding the exact exemption value was provided to us. Therefore, the taxable value is equal to the assessed value.
Property tax in Sherburne County is calculated by multiplying the assesssed value with the corresponding tax rates and class code rates and is an estimate of what an owner not benefiting from tax exemptions or deductions would pay.
| Tax description | Assessed value | Class rate | Net taxable | Tax rate | Tax amount | ||||
|---|---|---|---|---|---|---|---|---|---|
| Tax capacity ( < 500000 ) | $271,300 | x | 1.0000 | = | $2,713 | x | 85.3280 | = | $2,315 |
| Net property tax on capacity value | = | $2,315 |
| Tax description | Assessed value | Market rate | Tax amount | ||
|---|---|---|---|---|---|
| Net property tax on taxable value | $271,300 | x | 0.1167 | = | $316 |
| Net property tax on capacity value | $2,315 | ||||
| Net property tax on taxable value | + | $316 | |||
| Property tax (estimated) | = | $2,631 |
Actual taxes might differ from the figures displayed here due to various abatement and financial assistance programs or to non ad-valorem taxes levied as special taxes. For more information please visit the web pages of Sherburne County's Assessor and Auditor/Treasurer State General Property Tax or look up this property's current valuation.
Sherburne County Stats for Property Taxes
Looking for more property tax statistics in your area? Instantly view essential data points on Sherburne County, as well as MN effective tax rates, median real estate taxes paid, home values, income levels and even homeownership rates.
Effective tax rate (%)
1.09% of Assessed Home Value
1.11% of Assessed Home Value
1.11% of Assessed Home Value
Median real estate taxes paid
$2,662
$2,606
$2,551
Median home value
$244,700
$235,700
$229,800
Median income
$88,671
$73,382
$64,994
Owner occupied housing (%)
82.9%
71.9%
64.4%
Renter occupied housing (%)
17.1%
28.1%
35.6%
Frequently Asked Questions on Property Taxes
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