Gatzke, Minnesota Property Taxes
The median property tax rate in Gatzke, MN is 0.57%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Gatzke, the typical annual property tax bill reaches $750, far below the national median of $2,690. Property taxes in Gatzke 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 Gatzke'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 Gatzke 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
Gatzke, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$784
Ownwell’s Gatzke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gatzke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gatzke 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 Gatzke, Minnesota
Property taxes in Gatzke, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gatzke is 0.57%, which is lower than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Gatzke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gatzke 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 Gatzke's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56724 zip code has both the highest and lowest median property tax rate of 0.57%. Understanding how these areas compare with Gatzke provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gatzke Tax Rate
0.57%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gatzke, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56724 | 0.27% | 0.48% | 0.57% | 0.68% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Gatzke, Minnesota
In Gatzke, 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 Marshall 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 Gatzke, 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 Gatzke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56724 has the highest and lowest median tax bill at $750.00.
Average Gatzke Assessed Value
$137,600
Average Marshall County Assessed Value
$114,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gatzke, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56724 | $28,700 | $72,300 | $137,600 | $199,450 | $299,600 |
Source: Ownwell
Property Tax Bills Across Gatzke, Minnesota
In Gatzke, Marshall County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Gatzke is $137,600. Property taxes are then applied to this assessed value using the local tax rate. Factors such as property size, location, and improvements can influence the assessed value, ultimately affecting the tax bill. For example, homeowners in the 25th percentile pay around $311, while those in the 75th percentile pay approximately $1,057. The highest median tax bill in the area is $750, which is consistent across the zip code 56724. Compared to the national median property tax rate of 0.99%, Gatzke’s property taxes can vary significantly, impacting homeowners differently based on their property’s assessed value. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Gatzke Tax Bill
$750
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Gatzke, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56724 | $173 | $311 | $750 | $1,057 | $1,536 |
Source: Ownwell