Barnesville, Minnesota Property Taxes
The median property tax rate in Barnesville, MN is 1.20%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Barnesville at $242,500, the typical annual property tax bill reaches $2,526, which is slightly below the national median of $2,690. Property taxes in Barnesville 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 Barnesville'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 Barnesville 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
Barnesville, 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 Barnesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barnesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barnesville 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 Barnesville, Minnesota
Property taxes in Barnesville, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barnesville is 1.20%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Barnesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barnesville 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 Barnesville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56514 zip code has the highest median property tax rate of 1.20%, while the 56514 zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Barnesville provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barnesville Tax Rate
1.20%
Average Clay County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barnesville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56514 | 0.29% | 0.86% | 1.20% | 1.32% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Barnesville, Minnesota
In Barnesville, 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 Clay 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 Barnesville, 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 Barnesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 56514, both at $2,526.
Property Tax Assessment Values Across Barnesville, Minnesota
Source: Ownwell
$124,300
$629,250
$1,134,200
Average Barnesville Assessed Value
$242,500
Average Clay County Assessed Value
$240,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barnesville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56514 | $99,080 | $167,900 | $242,500 | $339,125 | $514,200 |
Source: Ownwell
Property Tax Bills Across Barnesville, Minnesota
In Barnesville, MN, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local assessor's office and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $242,500, homeowners can expect varying tax bills. Factors such as property improvements, neighborhood developments, and changes in the housing market can influence the assessed value. In Barnesville, the 25th percentile tax bill is approximately $1,502, while the 75th percentile tax bill reaches about $3,550, and the 90th percentile tax bill can be as high as $4,738. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community. Compared to the national median property tax rate of 0.99%, Barnesville's rates may vary, but they ensure that homeowners contribute to the well-being and development of their locality.
Average Barnesville Tax Bill
$2,526
Average Clay County Tax Bill
$3,042
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Barnesville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56514 | $574 | $1,502 | $2,526 | $3,550 | $4,738 |
Source: Ownwell