Green Isle, Minnesota Property Taxes
The median property tax rate in Green Isle, MN is 0.67%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $413,800 in Green Isle, the typical annual property tax bill amounts to $2,866, surpassing the national median of $2,690. Property taxes in Green Isle are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Green Isle'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 Green Isle 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
Green Isle, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Green Isle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Green Isle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Green Isle 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 Green Isle, Minnesota
Property taxes in Green Isle, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Green Isle is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Green Isle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Green Isle 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. Understanding how Green Isle's effective property tax rate compares to other counties in Minnesota and the national median provides valuable insights into the varying tax landscape across Carver County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Green Isle Tax Rate
0.67%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Green Isle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55338 | 0.37% | 0.40% | 0.67% | 0.85% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Green Isle, Minnesota
In Green Isle, 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 Carver County Assessor's Office 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 Green Isle, 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 Green Isle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Green Isle are both $2,866, with the zip code 55338 reflecting this value.
Average Green Isle Assessed Value
$413,800
Average Carver County Assessed Value
$399,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Green Isle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55338 | $144,100 | $214,675 | $413,800 | $894,275 | $1,219,430 |
Source: Ownwell
Property Tax Bills Across Green Isle, Minnesota
In Green Isle, Carver County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and represents the market value of the property. This value is then multiplied by the local tax rate to calculate the annual property tax bill. For instance, the median home price in Green Isle is $413,800, and homeowners can expect their tax bills to vary significantly. Factors such as property size, location, and improvements can influence the assessed value. In Green Isle, the tax bill ranges from the 25th percentile at $1,782 to the 75th percentile at $3,322, with the 90th percentile reaching up to $4,595. The highest median tax bill in the area is $2,866, which is notably higher than the national median property tax rate of 0.99%. These taxes fund essential services like schools, public safety, and infrastructure, directly impacting homeowners' monthly expenses and the overall cost of living in the area.
Average Green Isle Tax Bill
$2,866
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Green Isle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55338 | $1,178 | $1,782 | $2,866 | $3,322 | $4,595 |
Source: Ownwell