Kanaranzi, Minnesota Property Taxes
The median property tax rate in Kanaranzi, MN is 0.57%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Kanaranzi, the typical annual property tax bill reaches $320, significantly below the national median of $2,690. Property taxes in Kanaranzi 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 Kanaranzi'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 Kanaranzi 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
Kanaranzi, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$321
Ownwell’s Kanaranzi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kanaranzi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kanaranzi 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 Rock County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Kanaranzi, Minnesota
Property taxes in Kanaranzi, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kanaranzi is 0.57%, which is lower than both the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Kanaranzi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kanaranzi 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 Kanaranzi's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56146 has the highest median property tax rate of 0.57%, while the lowest median tax rate is also 0.57% in the same zip code. Understanding how these cities compare with Kanaranzi provides valuable insights into the varying tax landscape across Rock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kanaranzi Tax Rate
0.57%
Average Rock County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kanaranzi, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56146 | 0.50% | 0.54% | 0.57% | 0.64% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Kanaranzi, Minnesota
In Kanaranzi, 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 Rock 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 Kanaranzi, 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. Kanaranzi homeowners can expect property tax bills ranging from $146 at the 25th percentile to $892 at the 90th percentile. The zip code 56146 has both the highest and lowest median tax bill at $320. Being aware of these valuation processes in Kanaranzi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kanaranzi Assessed Value
$56,250
Average Rock County Assessed Value
$166,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kanaranzi, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56146 | $9,100 | $22,800 | $56,250 | $120,325 | $159,350 |
Source: Ownwell
Property Tax Bills Across Kanaranzi, Minnesota
In Kanaranzi, located in Rock County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in the area is $56,250, and property taxes are determined by multiplying the assessed value by the local tax rate set by the county. For example, homeowners in the 25th percentile of tax bills pay around $146 annually, while those in the 75th percentile face bills closer to $662. The highest tax bills, in the 90th percentile, can reach up to $892. Several factors influence these tax bills, including property characteristics, local government budgets, and public service funding needs. Compared to the national median property tax rate of 0.99%, homeowners in Kanaranzi experience a relatively lower tax burden. This can be beneficial for homeowners, as it makes owning property more affordable and can potentially increase local real estate demand. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Kanaranzi Tax Bill
$320
Average Rock County Tax Bill
$1,430
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kanaranzi, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56146 | $61 | $146 | $320 | $662 | $892 |
Source: Ownwell