Granada, Minnesota Property Taxes
The median property tax rate in Granada, MN is 0.91%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Granada at $178,000, the typical annual property tax bill amounts to $1,528, which is below the national median of $2,690. Property taxes in Granada 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 Granada'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 Granada 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
Granada, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,620
Ownwell’s Granada Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Granada with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Granada 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 Granada, Minnesota
Property taxes in Granada, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Granada is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within Granada set these rates annually, and they can vary across different neighborhoods. Each year, Granada 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 Granada's effective property tax rate to other areas in Martin County and the national median. For comparison, the 56039 zip code has both the highest and lowest median property tax rate in the county, standing at 0.91%. Understanding how these areas compare with Granada provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Granada Tax Rate
0.91%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Granada, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56039 | 0.36% | 0.74% | 0.91% | 1.00% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Granada, Minnesota
In Granada, 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 Martin 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 Granada, 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. The median home price in Granada is $178,000, with tax bills ranging from $729 at the 25th percentile to $3,673 at the 90th percentile. The highest and lowest median tax bills are both $1,528 in the 56039 zip code. Being aware of these valuation processes in Granada helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Granada Assessed Value
$178,000
Average Martin County Assessed Value
$139,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Granada, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56039 | $30,580 | $78,700 | $178,000 | $326,050 | $806,900 |
Source: Ownwell
Property Tax Bills Across Granada, Minnesota
In Granada, located in Martin County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and reflects the market value of the property. For homeowners in Granada, the median home price is $178,000. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property improvements, market conditions, and local tax rates. In Granada, the tax bills can vary significantly. For example, the 25th percentile tax bill is $729, while the 75th percentile tax bill reaches $2,555. At the higher end, the 90th percentile tax bill is $3,673. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Compared to the national median property tax rate of 0.99%, Granada's property tax rates reflect the local economic conditions and public service needs.
Average Granada Tax Bill
$1,528
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Granada, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56039 | $306 | $729 | $1,528 | $2,555 | $3,673 |
Source: Ownwell