Glenville, Minnesota Property Taxes
The median property tax rate in Glenville, MN is 0.91%, slightly below the national median of 0.99% and significantly lower than the Minnesota state median of 1.11%. With the median home value in Glenville, the typical annual property tax bill reaches $1,441, well below the national median of $2,690. Property taxes in Glenville 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 Glenville'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 Glenville 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
Glenville, 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 Glenville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glenville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glenville 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 Glenville, Minnesota
Property taxes in Glenville, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Glenville is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Glenville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glenville 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 Glenville's effective property tax rate to other areas in Freeborn County and the national median. For comparison, the zip code 56036 has the highest median property tax rate of 0.91%, while the same zip code also has the lowest median tax rate of 0.91%. Understanding how these areas compare with Glenville 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 Glenville Tax Rate
0.91%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glenville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56036 | 0.40% | 0.74% | 0.91% | 1.07% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Glenville, Minnesota
In Glenville, 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 Assessor's Office 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 Glenville, 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 Glenville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56036 has the highest and lowest median tax bill at $1,441.
Average Glenville Assessed Value
$162,100
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 Glenville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56036 | $27,800 | $94,000 | $162,100 | $285,700 | $689,420 |
Source: Ownwell
Property Tax Bills Across Glenville, Minnesota
In Glenville, located in Freeborn County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $162,100. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as property size, location, and improvements can influence the assessed value, potentially increasing or decreasing the tax bill. Homeowners in Glenville can expect their property tax bills to vary significantly. For instance, at the 25th percentile, tax bills are around $874, while at the 75th percentile, they reach approximately $2,317. The top 10% of tax bills can even go up to $3,712. The median tax bill for homes in the 56036 zip code stands at $1,441, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses and long-term financial planning.
Average Glenville Tax Bill
$1,441
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Glenville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56036 | $323 | $874 | $1,441 | $2,317 | $3,712 |
Source: Ownwell