Gonvick, Minnesota Property Taxes
The median property tax rate in Gonvick, MN is 0.75%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Gonvick at $100,950, the typical annual property tax bill is $754, significantly less than the national median of $2,690. Property taxes in Gonvick 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 Gonvick'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 Gonvick 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
Gonvick, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$757
Ownwell’s Gonvick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gonvick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gonvick 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 Gonvick, Minnesota
Property taxes in Gonvick, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gonvick is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Gonvick set these rates annually, and they can vary across different neighborhoods. Each year, Gonvick 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 Gonvick's effective property tax rate to other areas in Clearwater County and the national median. For comparison, the 56644 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Gonvick provides valuable insights into the varying tax landscape across Clearwater County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gonvick Tax Rate
0.75%
Average Clearwater County Tax Rate
0.60%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gonvick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56644 | 0.55% | 0.62% | 0.75% | 1.20% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Gonvick, Minnesota
In Gonvick, 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 Clearwater 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 Gonvick, 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 Gonvick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Gonvick are both $754, found in the 56644 zip code.
Average Gonvick Assessed Value
$100,950
Average Clearwater County Assessed Value
$127,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gonvick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56644 | $15,540 | $44,825 | $100,950 | $167,225 | $264,120 |
Source: Ownwell
Property Tax Bills Across Gonvick, Minnesota
In Gonvick, Clearwater County, MN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Factors such as property size, location, and market trends influence this valuation. Homeowners in Gonvick can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $382, while those in the 75th percentile see bills closer to $1,232. The 90th percentile tax bill can reach up to $1,931. The median property tax rate in Gonvick is 0.75%, which is below the national median of 0.99%. This means that while property taxes in Gonvick are generally lower than the national average, individual tax bills can still vary widely based on the assessed value of the property. This variability can significantly impact homeowners, influencing their financial planning and overall cost of living.
Average Gonvick Tax Bill
$754
Average Clearwater County Tax Bill
$812
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Gonvick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56644 | $150 | $382 | $754 | $1,232 | $1,931 |
Source: Ownwell