Dennison, Minnesota Property Taxes
The median property tax rate in Dennison, MN is 0.85%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Dennison at $352,000, the typical annual property tax bill reaches $2,997, surpassing the national median of $2,690. Property taxes in Dennison 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 Dennison'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 Dennison 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
Dennison, 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 Dennison Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Dennison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dennison to provide an estimate of 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 Dennison, Minnesota
Property taxes in Dennison, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dennison is 0.85%, which is below the U.S. national median of 0.99%. Local government entities within Dennison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dennison 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 Dennison's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55018 has the same median property tax rate of 0.85%. Understanding how these areas compare with Dennison provides valuable insights into the varying tax landscape across Goodhue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dennison Tax Rate
0.85%
Average Goodhue County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dennison, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55018 | 0.41% | 0.68% | 0.85% | 0.94% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Dennison, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Dennison, MN. 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 Goodhue 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. 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 Dennison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Dennison is $2997, found in zip code 55018, which is also the lowest median tax bill.
Average Dennison Assessed Value
$352,000
Average Goodhue County Assessed Value
$266,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dennison, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55018 | $120,040 | $233,100 | $352,000 | $536,700 | $809,920 |
Source: Ownwell
Property Tax Bills Across Dennison, Minnesota
In Dennison, located in Goodhue County, MN, property tax bills are calculated based on the assessed value of a property. This assessed value is determined by the local assessor's office and is intended to reflect the market value of the home. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. Several factors influence the final tax bill, including the property's location, its assessed value, and the specific tax rates set by local taxing authorities. For instance, the median home price in Dennison is $352,000. Homeowners in the 25th percentile can expect to pay around $2,212 in property taxes, while those in the 75th percentile may see bills as high as $4,120. At the 90th percentile, tax bills can reach $5,277. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Dennison's tax rates reflect the local economic conditions and public service needs.
Average Dennison Tax Bill
$2,997
Average Goodhue County Tax Bill
$3,110
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Dennison, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55018 | $1,351 | $2,212 | $2,997 | $4,120 | $5,277 |
Source: Ownwell