Gonvick, Minnesota Property Taxes
The median property tax rate in Gonvick, MN is 0.78%, 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 Gonvick at $212,600, the typical annual property tax bill amounts to $1,415, significantly below the national median of $2,690. Property taxes in Gonvick are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Gonvick'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 Gonvick or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gonvick, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,658
Ownwell’s Gonvick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gonvick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gonvick 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 Gonvick, Minnesota
Property taxes in Gonvick, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gonvick is 0.78%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Gonvick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gonvick 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 Gonvick's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56644 has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Gonvick provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gonvick Tax Rate
0.78%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gonvick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56644 | 0.43% | 0.51% | 0.78% | 0.89% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Gonvick, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gonvick, Minnesota. 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 Polk 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 Gonvick, 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 Gonvick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56644 has both the highest and lowest median tax bills, each at $1,415, reflecting the uniformity in property tax assessments within the area.
Average Gonvick Assessed Value
$212,600
Average Polk County Assessed Value
$183,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gonvick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56644 | $106,540 | $139,075 | $212,600 | $286,425 | $531,340 |
Source: Ownwell
Property Tax Bills Across Gonvick, Minnesota
Property tax bills in Gonvick, located in Polk County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is an estimation of the property's market value, which is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $212,600, homeowners can expect a range of tax bills. The 25th percentile tax bill is around $910, while the 75th percentile tax bill is approximately $2,158. The 90th percentile tax bill can go up to $3,027. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Gonvick's property tax bills reflect the local economic conditions and public service funding needs. Homeowners in Gonvick should be aware of these factors, as they directly impact their annual financial planning and the affordability of owning property in the area.
Average Gonvick Tax Bill
$1,415
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Gonvick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56644 | $785 | $910 | $1,415 | $2,158 | $3,027 |
Source: Ownwell