Gilman, Minnesota Property Taxes
The median property tax rate in Gilman, MN is 0.88%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Gilman at $158,500, the typical annual property tax bill is approximately $1,410, well below the national median of $2,690. Property taxes in Gilman are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Gilman'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 Gilman 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
Gilman, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,395
Ownwell’s Gilman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gilman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilman 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 Gilman, Minnesota
Property taxes in Gilman, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilman is 0.88%, slightly lower than the U.S. national median of 0.99%. Local government entities within Gilman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilman 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 Gilman's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56333 zip code has both the highest and lowest median property tax rate in Benton County, standing at 0.88%. Understanding how these cities compare with Gilman provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gilman Tax Rate
0.88%
Average Benton County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56333 | 0.77% | 0.81% | 0.88% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Gilman, Minnesota
In Gilman, 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 Benton County Assessor 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 Gilman, 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. The median home price in Gilman is $158,500, with the 25th percentile tax bill at $1,144 and the 75th percentile tax bill at $1,584. The highest median tax bill is $1,410 in zip code 56333, which also has the lowest median tax bill at $1,410. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Gilman Assessed Value
$158,500
Average Benton County Assessed Value
$250,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gilman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56333 | $125,780 | $138,050 | $158,500 | $178,800 | $190,980 |
Source: Ownwell
Property Tax Bills Across Gilman, Minnesota
In Gilman, located in Benton County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Gilman is $158,500. Property taxes are then applied to this assessed value using the county's tax rate. Various factors such as the property's location, size, and any improvements made to it are considered in determining its assessed value. Homeowners in Gilman can expect their property tax bills to vary, with the 25th percentile tax bill at $1,144 and the 75th percentile at $1,584. The 90th percentile tax bill reaches $1,688. Comparing this to the national median property tax rate of 0.99%, Gilman's property taxes are relatively aligned with national trends, though individual bills can vary significantly. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in the area.
Average Gilman Tax Bill
$1,410
Average Benton County Tax Bill
$2,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56333 | $984 | $1,144 | $1,410 | $1,584 | $1,688 |
Source: Ownwell