Grey Eagle, Minnesota Property Taxes
The median property tax rate in Grey Eagle, MN is 0.87%, 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 Grey Eagle, the typical annual property tax bill amounts to $2,258, falling below the national median of $2,690. Property taxes in Grey Eagle are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grey Eagle'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 Grey Eagle or another part of Todd County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grey Eagle, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$2,498
Ownwell’s GREY EAGLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GREY EAGLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GREY EAGLE 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 Grey Eagle, Minnesota
Property taxes in Grey Eagle, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grey Eagle is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Grey Eagle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grey Eagle 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 Grey Eagle's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56336 has both the highest and lowest median property tax rate of 0.87%. Understanding how these cities compare with Grey Eagle provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grey Eagle Tax Rate
0.87%
Average Todd County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grey Eagle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56336 | 0.56% | 0.78% | 0.87% | 1.02% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Grey Eagle, Minnesota
In Grey Eagle, 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 Todd 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 Grey Eagle, 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 Grey Eagle stands at $287,100. 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 zip code 56336 in Grey Eagle has both the highest and lowest median tax bill at $2,258. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grey Eagle Assessed Value
$287,100
Average Todd County Assessed Value
$198,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grey Eagle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56336 | $33,320 | $140,300 | $287,100 | $459,600 | $646,180 |
Source: Ownwell
Property Tax Bills Across Grey Eagle, Minnesota
In Grey Eagle, located in Todd County, MN, property tax bills are calculated based on the assessed value of a home, not its market value. The local tax rate is applied to this assessed value to determine the tax bill. For instance, with a median home price of $287,100, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $1,187, while at the 75th percentile, they can reach $3,539. The 90th percentile sees tax bills soaring to $5,328. Various factors influence these calculations, including property size, location, and improvements. The tax bill directly impacts homeowners by affecting their annual expenses and overall affordability of owning a home. While the national median property tax rate is 0.99%, Grey Eagle's specific rates and assessed values can lead to higher or lower tax obligations. Understanding these factors helps homeowners plan their finances and anticipate future tax liabilities.
Average Grey Eagle Tax Bill
$2,258
Average Todd County Tax Bill
$1,544
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Grey Eagle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56336 | $321 | $1,187 | $2,258 | $3,539 | $5,328 |
Source: Ownwell