Grove City, Minnesota Property Taxes
The median property tax rate in Grove City, MN is 0.75%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Grove City at $177,100, the typical annual property tax bill reaches $1,570, well below the national median of $2,690. Property taxes in Grove City 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 Grove City'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 Grove City or another part of Meeker County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grove City, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,328
Ownwell’s Grove City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grove City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grove City 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 Grove City, Minnesota
Property taxes in Grove City, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Grove City is 0.75%, lower than the U.S. national median of 0.99%. Local government entities within Grove City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grove City 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 Grove City's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56243 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Grove City provides valuable insights into the varying tax landscape across Meeker County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grove City Tax Rate
0.75%
Average Meeker County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grove City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56243 | 0.53% | 0.65% | 0.75% | 1.14% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Grove City, Minnesota
In Grove City, 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 Meeker 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 Grove City, 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 Grove City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56243, with a median tax bill of $1570.
Average Grove City Assessed Value
$177,100
Average Meeker County Assessed Value
$230,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grove City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56243 | $61,460 | $118,700 | $177,100 | $258,500 | $364,920 |
Source: Ownwell
Property Tax Bills Across Grove City, Minnesota
In Grove City, located in Meeker County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in the area stands at $177,100, which serves as a reference point for determining tax obligations. The property tax rate is applied to the assessed value, which is often a percentage of the market value of the property. For homeowners in Grove City, tax bills can vary significantly. For instance, those in the 25th percentile can expect to pay around $1,012 annually, while those in the 75th percentile face tax bills closer to $2,165. The 90th percentile sees even higher bills, reaching up to $2,897. These figures highlight the range of potential tax burdens depending on property values and specific circumstances. Compared to the national median property tax rate of 0.99%, Grove City's tax bills reflect the localized nature of property taxation, impacting homeowners differently based on their property's assessed value and the corresponding tax rate applied.
Average Grove City Tax Bill
$1,570
Average Meeker County Tax Bill
$2,075
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Grove City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56243 | $508 | $1,012 | $1,570 | $2,165 | $2,897 |
Source: Ownwell