Jenkins, Minnesota Property Taxes
The median property tax rate in Jenkins, MN is 0.55%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Jenkins at $321,700, the typical annual property tax bill reaches $1,754, significantly below the national median of $2,690. Property taxes in Jenkins 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 Jenkins'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 Jenkins 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
Jenkins, 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 Jenkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jenkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jenkins 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 Jenkins, Minnesota
Property taxes in Jenkins, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jenkins is 0.55%, which is significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Jenkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jenkins 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 Jenkins' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56474 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these areas compare with Jenkins provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jenkins Tax Rate
0.55%
Average Cass County Tax Rate
0.53%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jenkins, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56474 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Jenkins, Minnesota
In Jenkins, 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 local 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 Jenkins, 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 Jenkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Jenkins is $321,700, with the highest and lowest median tax bills both at $1,754 in the 56474 zip code.
Average Jenkins Assessed Value
$321,700
Average Cass County Assessed Value
$248,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jenkins, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56474 | $321,700 | $321,700 | $321,700 | $321,700 | $321,700 |
Source: Ownwell
Property Tax Bills Across Jenkins, Minnesota
In Jenkins, located in Cass County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Jenkins is $321,700. Homeowners in Jenkins pay a median property tax bill of $1,754, which is significantly lower than the national median property tax rate of 0.99%. This tax bill is determined by multiplying the assessed value of the property by the local tax rate, which is influenced by factors such as the county’s budget needs, school funding, and other public services. For homeowners, this means that the amount they pay in property taxes can vary depending on changes in their property’s assessed value or adjustments to the local tax rate. Understanding these factors can help homeowners anticipate their annual tax obligations and budget accordingly. Despite the relatively low property tax rate, it is crucial for homeowners to stay informed about any changes that could affect their tax bills.
Average Jenkins Tax Bill
$1,754
Average Cass County Tax Bill
$1,350
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Jenkins, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56474 | $1,754 | $1,754 | $1,754 | $1,754 | $1,754 |
Source: Ownwell