Maynard, Minnesota Property Taxes
The median property tax rate in Maynard, MN is 0.85%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Maynard at $239,550, the typical annual property tax bill amounts to $2,127, falling below the national median of $2,690. Property taxes in Maynard are determined based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a comprehensive understanding of Maynard'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 Maynard or another part of Renville County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Maynard, 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 Maynard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maynard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maynard 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 Maynard, Minnesota
Property taxes in Maynard, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Maynard is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Maynard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maynard 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 Maynard's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56260 zip code has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Maynard provides valuable insights into the varying tax landscape across Renville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maynard Tax Rate
0.85%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maynard, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56260 | 0.50% | 0.64% | 0.85% | 1.01% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Maynard, Minnesota
In Maynard, 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 Renville 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 Maynard, 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. The median home price in Maynard is $239,550, with tax bills ranging from $1,592 at the 25th percentile to $3,675 at the 90th percentile. The zip code with the highest and lowest median tax bill is 56260, both at $2,127. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Maynard Assessed Value
$239,550
Average Renville County Assessed Value
$142,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maynard, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56260 | $144,120 | $166,675 | $239,550 | $337,375 | $441,230 |
Source: Ownwell
Property Tax Bills Across Maynard, Minnesota
In Maynard, located in Renville County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Maynard can expect property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,592, while at the 75th percentile, it rises to $3,008. At the 90th percentile, homeowners might see tax bills as high as $3,675. The median home price in Maynard is $239,550, and the property tax rate is competitive compared to the national median property tax rate of 0.99%. Understanding how these factors interplay helps homeowners anticipate their financial responsibilities, ensuring they are better prepared for their annual property tax obligations.
Average Maynard Tax Bill
$2,127
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Maynard, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56260 | $1,353 | $1,592 | $2,127 | $3,008 | $3,675 |
Source: Ownwell