Gully, Minnesota Property Taxes
The median property tax rate in Gully, MN is 0.66%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Gully, the typical annual property tax bill reaches $1,815, well below the national median of $2,690. Property taxes in Gully 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 Gully'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 Gully or another part of Clearwater County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gully, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,819
Ownwell’s Gully Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gully with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gully 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 Gully, Minnesota
Property taxes in Gully, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gully is 0.66%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Gully set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gully 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 Gully's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56646 zip code has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Gully 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 Gully Tax Rate
0.66%
Average Clearwater County Tax Rate
0.60%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gully, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56646 | 0.65% | 0.65% | 0.66% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Gully, Minnesota
In Gully, 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 Gully, 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. With a median home price of $275,550, tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,760, while the 75th percentile tax bill is $1,870. Interestingly, the highest and lowest median tax bills in Gully are both $1,815, found in the 56646 zip code. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gully Assessed Value
$275,550
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 Gully, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56646 | $256,070 | $263,375 | $275,550 | $287,725 | $295,030 |
Source: Ownwell
Property Tax Bills Across Gully, Minnesota
In Gully, Clearwater County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $275,550, homeowners can expect a range of tax bills. The 25th percentile tax bill is around $1,760, while the 75th percentile tax bill is approximately $1,870. At the 90th percentile, the tax bill can reach up to $1,904. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. These tax bills can significantly impact homeowners, as they represent a consistent annual expense that must be budgeted for. Compared to the national median property tax rate of 0.99%, Gully's tax rates are competitive, making it essential for homeowners to understand how these rates are applied and how they can affect their overall financial planning.
Average Gully Tax Bill
$1,815
Average Clearwater County Tax Bill
$812
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Gully, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56646 | $1,726 | $1,760 | $1,815 | $1,870 | $1,904 |
Source: Ownwell