Gheen, Minnesota Property Taxes
The median property tax rate in Gheen, MN is 1.21%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Gheen, the typical annual property tax bill reaches $606, which is significantly lower than the national median of $2,690. Property taxes in Gheen 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 Gheen'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 Gheen or another part of St. Louis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gheen, 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 Gheen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gheen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gheen 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 Gheen, Minnesota
Property taxes in Gheen, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Gheen is 1.21%, which is higher than the U.S. national median of 0.99%. Local government entities within Gheen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gheen 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. Understanding how Gheen's effective property tax rate compares to other areas in St. Louis County and the national median provides valuable insights into the varying tax landscape across the region. This helps homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gheen Tax Rate
1.21%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gheen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55771 | 1.21% | 1.21% | 1.21% | 1.21% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Gheen, Minnesota
In Gheen, 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 St. Louis County Assessor's Office 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 Gheen, 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 Gheen is $49,900, with tax bills ranging from $606 at the 25th percentile to $606 at the 90th percentile. The zip code 55771 has both the highest and lowest median tax bill of $606. 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 Gheen Assessed Value
$49,900
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gheen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55771 | $49,900 | $49,900 | $49,900 | $49,900 | $49,900 |
Source: Ownwell
Property Tax Bills Across Gheen, Minnesota
In Gheen, located in St. Louis County, MN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is an estimate of the property's market value, established by the county assessor. For Gheen, the median home price stands at $49,900. Homeowners in Gheen can expect a median property tax bill of $606, which is consistent across various percentiles, indicating a stable tax environment. This amount is derived from the local tax rate applied to the assessed value. Given that the national median property tax rate is 0.99%, Gheen’s tax rate is notably higher when compared to the national average. This consistent tax bill can impact homeowners by providing a predictable expense, aiding in financial planning. However, it also means that property taxes in Gheen are relatively high in comparison to many other regions. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Gheen Tax Bill
$606
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Gheen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55771 | $606 | $606 | $606 | $606 | $606 |
Source: Ownwell