Belview, Minnesota Property Taxes
The median property tax rate in Belview, MN is 1.36%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Belview, the typical annual property tax bill reaches $993, which is below the national median of $2,690. Property taxes in Belview 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 Belview'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 Belview or another part of Redwood County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belview, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Belview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belview 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 Belview, Minnesota
Property taxes in Belview, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belview is 1.36%, significantly higher than the U.S. national median of 0.99%. Local government entities within Belview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belview 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 Belview's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56214 zip code has the highest median property tax rate of 1.36%, while the lowest median tax rate is also 1.36%. Understanding how these cities compare with Belview provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belview Tax Rate
1.36%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belview, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56214 | 0.55% | 0.61% | 1.36% | 1.68% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Belview, Minnesota
In Belview, 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 Redwood 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 Belview, 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. For instance, the median home price in the area is $91,500. 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 Belview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 56214 has both the highest and lowest median tax bill at $993.
Average Belview Assessed Value
$91,500
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belview, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56214 | $9,800 | $49,750 | $91,500 | $159,150 | $238,600 |
Source: Ownwell
Property Tax Bills Across Belview, Minnesota
In Belview, located in Redwood 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 Belview is $91,500. Property taxes are then applied to this assessed value using the local tax rate. Various factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Belview can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $682, while the 75th percentile tax bill reaches $1,476. At the higher end, the 90th percentile tax bill is $2,258. Comparatively, the highest and lowest median tax bills in the area are both $993, indicating some consistency within specific zip codes. Understanding these factors is crucial for homeowners as property taxes directly impact annual housing costs. Staying informed about local assessments and potential exemptions can help manage these expenses effectively.
Average Belview Tax Bill
$993
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Belview, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56214 | $171 | $682 | $993 | $1,476 | $2,258 |
Source: Ownwell