Goodhue, Minnesota Property Taxes
The median property tax rate in Goodhue, MN is 0.84%, 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 Goodhue at $375,400, the typical annual property tax bill reaches $3,076, surpassing the national median of $2,690. Property taxes in Goodhue 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 Goodhue'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 Goodhue 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
Goodhue, 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 Goodhue Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goodhue with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goodhue 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 Goodhue, Minnesota
Property taxes in Goodhue, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodhue is 0.94%, slightly lower than the Minnesota state median of 1.05% but still above the U.S. national median of 0.99%. Local government entities within Goodhue set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodhue 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 Goodhue's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55027 has the highest median property tax rate of 0.94%, while the same zip code 55027 also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Goodhue provides valuable insights into the varying tax landscape across Wabasha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goodhue Tax Rate
0.84%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goodhue, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55027 | 0.57% | 0.78% | 0.84% | 0.86% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Goodhue, Minnesota
In Goodhue, 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 Wabasha 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 Goodhue, 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 Goodhue helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Goodhue are both $3,076, found in the 55027 zip code.
Average Goodhue Assessed Value
$375,400
Average Wabasha County Assessed Value
$243,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Goodhue, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55027 | $313,020 | $335,200 | $375,400 | $429,550 | $933,860 |
Source: Ownwell
Property Tax Bills Across Goodhue, Minnesota
In Goodhue, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Goodhue, the median home price stands at $375,400, with property tax bills varying significantly. For instance, the tax bill at the 25th percentile is around $2,697, while those at the 75th percentile can expect to pay about $3,734. At the 90th percentile, the tax bill can reach up to $4,487. These tax bills are influenced by several factors including property improvements, neighborhood developments, and changes in the local tax rate. Homeowners in Goodhue may find their tax bills higher or lower compared to the national median property tax rate of 0.99%, depending on these variables. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Goodhue Tax Bill
$3,076
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodhue, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55027 | $2,440 | $2,697 | $3,076 | $3,734 | $4,487 |
Source: Ownwell