Geneva, Minnesota Property Taxes
The median property tax rate in Geneva, MN is 1.14%, which is higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Geneva at $146,100, the typical annual property tax bill reaches $1,708, surpassing the national median of $2,690. Property taxes in Geneva are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Geneva'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 Geneva or another part of Freeborn County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Geneva, 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 Geneva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Geneva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Geneva 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 Geneva, Minnesota
Property taxes in Geneva, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Geneva is 1.14%, higher than the U.S. national median of 0.99%. Local government entities within Geneva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geneva 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 Geneva's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56035 zip code has both the highest and lowest median property tax rate of 1.14%. Understanding how these cities compare with Geneva provides valuable insights into the varying tax landscape across Freeborn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geneva Tax Rate
1.14%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geneva, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56035 | 0.82% | 0.97% | 1.14% | 1.26% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Geneva, Minnesota
In Geneva, 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 Freeborn 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 Geneva, 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. For instance, the median home price in Geneva is $146,100, with tax bills ranging from $771 at the 25th percentile to $3,360 at the 90th percentile. Being aware of these valuation processes in Geneva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Geneva Assessed Value
$146,100
Average Freeborn County Assessed Value
$133,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Geneva, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56035 | $22,520 | $82,850 | $146,100 | $223,200 | $282,140 |
Source: Ownwell
Property Tax Bills Across Geneva, Minnesota
In Geneva, located in Freeborn County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property size, location, and market conditions influence the assessed value. For instance, the median home price in Geneva is $146,100. Homeowners in Geneva can expect varying tax bills depending on their property’s assessed value. For example, those in the 25th percentile might pay around $771 annually, whereas those in the 75th percentile could see bills up to $2,704. The highest tax bills, in the 90th percentile, can reach $3,360. Comparing this to the national median property tax rate of 0.99%, Geneva's property tax bills can be seen as relatively manageable. However, the impact on homeowners depends significantly on individual property values and specific local tax rates. This variability underscores the importance of understanding how local assessments and tax rates affect annual property tax obligations.
Average Geneva Tax Bill
$1,708
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Geneva, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56035 | $145 | $771 | $1,708 | $2,704 | $3,360 |
Source: Ownwell