Kerkhoven, Minnesota Property Taxes
The median property tax rate in Kerkhoven, MN is 0.69%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Kerkhoven at $196,750, the typical annual property tax bill reaches $1,382, falling below the national median of $2,690. Property taxes in Kerkhoven are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kerkhoven'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 Kerkhoven 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
Kerkhoven, 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 Kerkhoven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kerkhoven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kerkhoven 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 Kerkhoven, Minnesota
Property taxes in Kerkhoven, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kerkhoven is 0.69%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Kerkhoven set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kerkhoven 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 Kerkhoven's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56252 has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Kerkhoven provides valuable insights into the varying tax landscape across Chippewa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kerkhoven Tax Rate
0.69%
Average Chippewa County Tax Rate
1.23%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kerkhoven, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56252 | 0.56% | 0.64% | 0.69% | 0.75% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Kerkhoven, Minnesota
In Kerkhoven, 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 Chippewa County Appraisal District 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 Kerkhoven, 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. Interestingly, the highest and lowest median tax bills in Kerkhoven are both $1,382, found in the 56252 zip code. Being aware of these valuation processes in Kerkhoven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kerkhoven Assessed Value
$196,750
Average Chippewa County Assessed Value
$136,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kerkhoven, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56252 | $128,060 | $156,575 | $196,750 | $301,200 | $408,280 |
Source: Ownwell
Property Tax Bills Across Kerkhoven, Minnesota
In Kerkhoven, located in Chippewa 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, who evaluates the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's size, location, and condition. For example, the median home price in Kerkhoven is $196,750. Homeowners in the 25th percentile of tax bills pay around $1,164 annually, while those in the 75th percentile face bills of approximately $2,316. The 90th percentile sees tax bills as high as $3,505. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Kerkhoven homeowners experience a varied range of tax bills, reflecting the diverse property values within the community.
Average Kerkhoven Tax Bill
$1,382
Average Chippewa County Tax Bill
$1,622
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kerkhoven, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56252 | $821 | $1,164 | $1,382 | $2,316 | $3,505 |
Source: Ownwell