Gaylord, Minnesota Property Taxes
The median property tax rate in Gaylord, MN is 1.26%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Gaylord, the typical annual property tax bill reaches $2,668, closely aligning with the national median of $2,690. Property taxes in Gaylord are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gaylord'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 Gaylord 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
Gaylord, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$2,678
Ownwell’s Gaylord Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gaylord with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gaylord 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 Gaylord, Minnesota
Property taxes in Gaylord, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gaylord is 1.26%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Gaylord set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gaylord 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 Gaylord's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55334 zip code has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with Gaylord provides valuable insights into the varying tax landscape across Sibley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gaylord Tax Rate
1.26%
Average Sibley County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gaylord, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55334 | 0.35% | 0.56% | 1.26% | 1.65% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Gaylord, Minnesota
In Gaylord, 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 Sibley 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. 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 Gaylord helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Gaylord is $212,500, with the highest median tax bill in zip code 55334 at $2,668, and the lowest median tax bill also in zip code 55334 at $2,668.
Average Gaylord Assessed Value
$212,500
Average Sibley County Assessed Value
$273,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gaylord, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55334 | $91,030 | $149,675 | $212,500 | $386,350 | $929,270 |
Source: Ownwell
Property Tax Bills Across Gaylord, Minnesota
In Gaylord, Sibley County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence this process, including the property's market value, improvements made to the property, and comparable property values in the area. For instance, the median home price in Gaylord is $212,500. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,776 and the 75th percentile reaching $3,807. At the 90th percentile, homeowners might see tax bills as high as $5,263. These figures highlight the range of potential tax burdens, reflecting differences in property values and assessment practices. Homeowners in Gaylord should be aware of these factors, as they directly impact their annual tax obligations. Compared to the national median property tax rate of 0.99%, understanding local assessment and tax rates can help homeowners better anticipate and manage their property tax expenses.
Average Gaylord Tax Bill
$2,668
Average Sibley County Tax Bill
$2,314
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Gaylord, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55334 | $736 | $1,776 | $2,668 | $3,807 | $5,263 |
Source: Ownwell