Canby, Minnesota Property Taxes
The median property tax rate in Canby, MN is 1.78%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Canby at $131,000, the typical annual property tax bill reaches $1,802, exceeding the national median of $2,690. Property taxes in Canby 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 Canby'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 Canby 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
Canby, 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 Canby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canby 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 Canby, Minnesota
Property taxes in Canby, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Canby is 1.78%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Canby set these rates annually, and they can vary across different neighborhoods. Each year, Canby 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 Canby's effective property tax rate to other counties in Minnesota and the national median. For comparison, the ZIP code 56220 has the highest median property tax rate of 1.78%, while the same ZIP code also has the lowest median tax rate of 1.78%. Understanding how these cities compare with Canby provides valuable insights into the varying tax landscape across Yellow Medicine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canby Tax Rate
1.78%
Average Yellow Medicine County Tax Rate
1.38%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56220 | 0.33% | 0.84% | 1.78% | 2.05% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Canby, Minnesota
In Canby, 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 Yellow Medicine 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 Canby, 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 Canby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Canby is $131,000, with tax bills ranging from $1,092 at the 25th percentile to $4,586 at the 90th percentile. The median tax bill stands at $1,802 in zip code 56220.
Average Canby Assessed Value
$131,000
Average Yellow Medicine County Assessed Value
$131,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56220 | $35,600 | $70,100 | $131,000 | $242,850 | $641,100 |
Source: Ownwell
Property Tax Bills Across Canby, Minnesota
In Canby, Yellow Medicine County, 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 and reflects the market value of the property. Homeowners in Canby face varying tax bills depending on their property's value and the applicable tax rate. For instance, the median home price in Canby is $131,000. Property tax bills can range significantly, with the 25th percentile paying around $1,092 and the 75th percentile facing bills up to $3,009. At the 90th percentile, tax bills can reach as high as $4,586. The local property tax rate in Canby is influenced by multiple factors, including the funding needs of public services like schools, infrastructure, and emergency services. Homeowners should be aware that their tax bill is a crucial component of maintaining these community services, directly impacting their quality of life. Comparatively, Canby's property tax rate aligns closely with the national median property tax rate of 0.99%.
Average Canby Tax Bill
$1,802
Average Yellow Medicine County Tax Bill
$1,634
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Canby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56220 | $646 | $1,092 | $1,802 | $3,009 | $4,586 |
Source: Ownwell