Goodhue, Minnesota Property Taxes
The median property tax rate in Goodhue, MN is 0.97%, slightly below both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Goodhue at $317,250, the typical annual property tax bill reaches $3,258, surpassing the national median of $2,690. Property taxes in Goodhue 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 Goodhue'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 Goodhue 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
Goodhue, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$3,077
Ownwell’s Goodhue Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goodhue with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goodhue 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 Goodhue, Minnesota
Property taxes in Goodhue, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodhue is 0.97%, which is slightly below the U.S. national median of 0.99%. Local government entities within Goodhue set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodhue 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 Goodhue's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55027 has both the highest and lowest median property tax rate of 0.97%. Understanding how these areas compare with Goodhue provides valuable insights into the varying tax landscape across Goodhue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goodhue Tax Rate
0.97%
Average Goodhue County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goodhue, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55027 | 0.40% | 0.68% | 0.97% | 1.34% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Goodhue, Minnesota
In Goodhue, 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 Goodhue 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 Goodhue, 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 Goodhue helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55027 has the highest median tax bill at $3,258, while the lowest median tax bill is also found in the same zip code at $3,258.
Average Goodhue Assessed Value
$317,250
Average Goodhue County Assessed Value
$266,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Goodhue, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55027 | $126,530 | $218,900 | $317,250 | $480,400 | $957,000 |
Source: Ownwell
Property Tax Bills Across Goodhue, Minnesota
In Goodhue, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or additions made to the property. For homeowners in Goodhue, the median home price is $317,250. Property tax bills can vary significantly, with the 25th percentile at $2,402 and the 75th percentile at $4,396. At the higher end, the 90th percentile tax bill reaches $5,888. The highest and lowest median tax bills in Goodhue are both $3,258, indicating uniformity in certain areas. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. However, they can also represent a significant financial burden for homeowners. Compared to the national median property tax rate of 0.99%, homeowners in Goodhue experience a range of tax impacts based on their property's assessed value and specific location within the county.
Average Goodhue Tax Bill
$3,258
Average Goodhue County Tax Bill
$3,110
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodhue, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55027 | $1,685 | $2,402 | $3,258 | $4,396 | $5,888 |
Source: Ownwell