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Understanding Property Taxes Within Cottage Grove, MN

I’m so excited to pay my taxes!…said no one ever. However, many of us do enjoy the benefits such as good schools, roads without potholes, and the other government services that taxes help to pay for.

If you’re thinking about talking to realtors near Cottage Grove to move to our beautiful city or make a residential investment, you may be wondering how the property taxes work in our area. Get an idea of what you’ll have to pay and when in this little guide to property taxes in Cottage Grove, MN.

How Are Property Taxes in Cottage Grove, MN Calculated?

Washington County, where Cottage Grove is located, separates properties into four different classifications.

  • Residential Homestead
  • Residential Non-Homestead (single unit)
  • Residential Non-Homestead (2-3 units and vacant land) and Apartments
  • Commercial/Industrial

Taxes are calculated slightly differently for each type but the amount is based on the value of the property. Each year, county appraisers assess the value of each property in Cottage Grove. In March, homeowners receive notice of how much their home has been appraised for. If homeowners believe the value is erroneous, they are allowed to appeal in April.

By July, all values are set and this is the basis for the taxes that are due the following year.

When Are Payments Due?

You can pay your property taxes in two parts. The first payment is due by May 15 and the second by October 15 of each year.

There are a number of ways that you can pay your taxes. You can send them by mail, pay online, use a bill pay service, or make an in-person payment at the Stillwater Government Center.

Tax Capacity

So, how much will you have to pay? Well, the calculation varies from year to year. As part of the city’s annual budgeting process, how much money will be needed to meet operating expenses and pay the city’s debts is determined each year. Then, the property tax formulas are set by the legislature.

The tax capacity on homes in Cottage Grove, MN is often graduated. For example, the first $220,000 may be assessed at 1% and any value above that at 1.25%. The amount typically won’t vary drastically from year to year.

Ready to Move to Cottage Grove?

Don’t let property taxes in Cottage Grove, MN scare you away from our beautiful city. You’ll have to pay taxes anywhere you decide to live or buy a rental property. We hope this article has taken some of the confusion out of the matter and you’ll be more prepared to join our ranks. Remember, the more people we have sharing the tax burden, the less each individual will have to pay.

Are you looking for homes for sale in Cottage Grove, MN? With many of the top Cottage Grove realtors as associates, we’re happy to help you find the perfect piece of real estate in Cottage Grove, MN.

Reach out to us today to get connected start shopping for your dream home!