Kerkhoven, Minnesota Property Taxes
The median property tax rate in Kerkhoven, MN is 0.89%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Kerkhoven at $152,000, the typical annual property tax bill amounts to $1,250, falling below the national median of $2,690. Property taxes in Kerkhoven are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Kerkhoven'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 Kerkhoven or another part of Swift County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kerkhoven, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,353
Ownwell’s Kerkhoven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kerkhoven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kerkhoven 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 Kerkhoven, Minnesota
Property taxes in Kerkhoven, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kerkhoven is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Kerkhoven set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kerkhoven 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 Kerkhoven's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56252 has both the highest and lowest median property tax rate of 0.89%. Understanding how these cities compare with Kerkhoven provides valuable insights into the varying tax landscape across Swift County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kerkhoven Tax Rate
0.89%
Average Swift County Tax Rate
0.99%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kerkhoven, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56252 | 0.38% | 0.66% | 0.89% | 1.12% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Kerkhoven, Minnesota
In Kerkhoven, 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 Swift 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 Kerkhoven, 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. The median home price in Kerkhoven is $152,000, with tax bills ranging from $720 at the 25th percentile to $3,245 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kerkhoven Assessed Value
$152,000
Average Swift County Assessed Value
$128,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kerkhoven, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56252 | $29,820 | $84,900 | $152,000 | $252,100 | $432,520 |
Source: Ownwell
Property Tax Bills Across Kerkhoven, Minnesota
In Kerkhoven, located in Swift 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 a percentage of the market value of the property. For example, with a median home price of $152,000, the tax bill can vary significantly depending on several factors, including property size, location, and improvements. Tax bills in Kerkhoven range widely, from the 25th percentile at $720 to the 90th percentile reaching up to $3,245. The highest and lowest median tax bills in the area are both $1,250, indicating some consistency within the zip code 56252. These tax bills are influenced by local tax rates, which fund essential public services like schools, roads, and emergency services. Homeowners in Kerkhoven should be aware of these factors as they can significantly impact their annual expenses. Comparing the local tax rate to the national median property tax rate of 0.99% can provide context for understanding how competitive or burdensome the local tax environment might be.
Average Kerkhoven Tax Bill
$1,250
Average Swift County Tax Bill
$1,162
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kerkhoven, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56252 | $244 | $720 | $1,250 | $2,200 | $3,245 |
Source: Ownwell