Kensington, Minnesota Property Taxes
The median property tax rate in Kensington, MN is 0.76%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Kensington, the typical annual property tax bill amounts to $1,582, which is under the national median of $2,690. Property taxes in Kensington are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural use. Understanding Kensington'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 Kensington or another part of Grant County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kensington, 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 Kensington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kensington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kensington 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 Kensington, Minnesota
Property taxes in Kensington, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kensington is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Kensington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kensington 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 Kensington's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56343 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Kensington provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kensington Tax Rate
0.76%
Average Grant County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kensington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56343 | 0.65% | 0.73% | 0.76% | 0.81% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Kensington, Minnesota
In Kensington, 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 Grant 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 Kensington, 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 example, in Kensington, the median home price stands at $217,400, with the 25th percentile tax bill at $1,462 and the 75th percentile tax bill at $2,142. The highest and lowest median tax bills are both $1,582 in zip code 56343. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kensington Assessed Value
$217,400
Average Grant County Assessed Value
$166,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kensington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56343 | $132,020 | $190,300 | $217,400 | $272,100 | $341,520 |
Source: Ownwell
Property Tax Bills Across Kensington, Minnesota
In Kensington, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. Once the market value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For instance, the median home price in Kensington is $217,400. Homeowners in the 25th percentile can expect a tax bill around $1,462, while those in the 75th percentile might see a bill closer to $2,142. At the 90th percentile, tax bills can reach up to $2,447. These property tax bills are a significant consideration for homeowners, as they directly impact annual housing costs. Compared to the national median property tax rate of 0.99%, Kensington's rates can be relatively moderate or steep depending on the assessed value and local tax policies. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Kensington Tax Bill
$1,582
Average Grant County Tax Bill
$1,600
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kensington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56343 | $1,096 | $1,462 | $1,582 | $2,142 | $2,447 |
Source: Ownwell