Good Thunder, Minnesota Property Taxes
The median property tax rate in Good Thunder, MN is 0.81%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Good Thunder at $287,100, the typical annual property tax bill reaches $2,690, aligning with the national median. Property taxes in Good Thunder 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 Good Thunder'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 Good Thunder or another part of Blue Earth County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Good Thunder, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$2,326
Ownwell’s Good Thunder Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Good Thunder with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Good Thunder 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 Good Thunder, Minnesota
Property taxes in Good Thunder, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Good Thunder is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Good Thunder set these rates annually, and they can vary significantly across different neighborhoods. Each year, Good Thunder 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 Good Thunder's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56037 has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Good Thunder provides valuable insights into the varying tax landscape across Blue Earth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Good Thunder Tax Rate
0.81%
Average Blue Earth County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Good Thunder, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56037 | 0.39% | 0.72% | 0.81% | 1.48% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Good Thunder, Minnesota
In Good Thunder, 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 Blue Earth 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 Good Thunder, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Good Thunder helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,690 in the 56037 zip code.
Average Good Thunder Assessed Value
$287,100
Average Blue Earth County Assessed Value
$262,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Good Thunder, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56037 | $118,780 | $188,200 | $287,100 | $443,400 | $686,020 |
Source: Ownwell
Property Tax Bills Across Good Thunder, Minnesota
In Good Thunder, Blue Earth County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in this area stands at $287,100. To determine your tax bill, the county assesses your property's value and applies the local tax rate. Factors such as property size, location, and market conditions are considered in this assessment. Homeowners in Good Thunder pay property taxes that range widely. The 25th percentile tax bill is approximately $1,940, while the 75th percentile tax bill reaches about $3,579. For those at the 90th percentile, the tax bill can go up to $4,356. These figures are relatively high compared to the national median property tax rate of 0.99%. These taxes fund essential community services, including schools, public safety, and infrastructure. While higher property taxes can be a financial burden, they also contribute to maintaining and improving the quality of life in the community.
Average Good Thunder Tax Bill
$2,690
Average Blue Earth County Tax Bill
$2,724
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Good Thunder, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56037 | $1,275 | $1,940 | $2,690 | $3,579 | $4,356 |
Source: Ownwell