Glencoe, Minnesota Property Taxes
The median property tax rate in Glencoe, MN is 0.56%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Glencoe at $332,650, the typical annual property tax bill reaches $1,931, significantly below the national median of $2,690. Property taxes in Glencoe 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 Glencoe'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 Glencoe 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
Glencoe, 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 Glencoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glencoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glencoe 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 Glencoe, Minnesota
Property taxes in Glencoe, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glencoe is 0.56%, which is lower than both the Minnesota state median of 0.88% and the U.S. national median of 0.99%. Local government entities within Glencoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glencoe 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 Glencoe's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55336 zip code has the highest median property tax rate of 0.56%, while the 55336 zip code has the lowest median tax rate of 0.56%. Understanding how these cities compare with Glencoe 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 Glencoe Tax Rate
0.56%
Average Sibley County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glencoe, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55336 | 0.26% | 0.30% | 0.56% | 0.76% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Glencoe, Minnesota
In Glencoe, 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. In Glencoe, 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 Glencoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 55336, with a median tax bill of $1,931.
Average Glencoe Assessed Value
$332,650
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 Glencoe, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55336 | $65,290 | $177,500 | $332,650 | $587,000 | $967,620 |
Source: Ownwell
Property Tax Bills Across Glencoe, Minnesota
In Glencoe, property tax bills are determined by multiplying the assessed value of a home by the local tax rate set by Sibley County. The assessed value is based on the market value of the property, which is periodically evaluated by local assessors. Several factors influence this calculation, including the property's location, size, and any improvements made. Homeowners in Glencoe can expect property tax bills to vary significantly. For example, the tax bill at the 25th percentile is $1,100, while at the 75th percentile, it reaches $2,873, and at the 90th percentile, it can go up to $4,199. The median home price in Glencoe is $332,650, and the median tax bill is $1,931, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential public services like schools, roads, and emergency services, directly impacting the quality of life for Glencoe residents. Understanding how these taxes are calculated can help homeowners plan their finances more effectively.
Average Glencoe Tax Bill
$1,931
Average Sibley County Tax Bill
$2,314
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Glencoe, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55336 | $292 | $1,100 | $1,931 | $2,873 | $4,199 |
Source: Ownwell