Kent, Minnesota Property Taxes
The median property tax rate in Kent, MN is 0.71%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Kent at $158,150, the typical annual property tax bill reaches $1,073, well below the national median of $2,690. Property taxes in Kent 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 Kent'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 Kent 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
Kent, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,123
Ownwell’s Kent Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Kent with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Kent to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more granular trends, there is additional localized information available. Your property’s assessed value is the value assigned by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Kent, Minnesota
Property taxes in Kent, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kent is 0.71%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Kent set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kent 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 Kent's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56553 zip code has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Kent provides valuable insights into the varying tax landscape across Wilkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kent Tax Rate
0.71%
Average Wilkin County Tax Rate
0.90%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kent, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56553 | 0.37% | 0.58% | 0.71% | 0.84% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Kent, Minnesota
In Kent, 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 Wilkin 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 Kent, 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 Kent is $158,150, with tax bills ranging from $600 at the 25th percentile to $2,793 at the 90th percentile. The highest and lowest median tax bills, both at $1,073, are found in the 56553 zip code. Being aware of these valuation processes in Kent helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kent Assessed Value
$158,150
Average Wilkin County Assessed Value
$164,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kent, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56553 | $24,730 | $73,900 | $158,150 | $291,275 | $632,060 |
Source: Ownwell
Property Tax Bills Across Kent, Minnesota
In Kent, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, the median home price in Kent is $158,150. Homeowners in the 25th percentile of tax bills pay around $600 annually, while those in the 75th percentile pay about $1,808. At the 90th percentile, the tax bill can reach up to $2,793. Several factors influence these tax amounts, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Kent's property taxes can vary significantly, impacting homeowners differently based on their specific circumstances. The highest and lowest median tax bills in the area are both $1,073, indicating a relatively stable tax environment within the zip code 56553. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Kent Tax Bill
$1,073
Average Wilkin County Tax Bill
$1,424
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kent, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56553 | $250 | $600 | $1,073 | $1,808 | $2,793 |
Source: Ownwell