Gheen, Minnesota Property Taxes
The median property tax rate in Gheen, MN is 0.16%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Gheen, the typical annual property tax bill amounts to $184, which is well below the national median of $2,690. Property taxes in Gheen are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Gheen's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Gheen or another part of Itasca County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gheen, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.16%
Estimate Property Tax Bill
$186
Ownwell’s Gheen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gheen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gheen 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 Gheen, Minnesota
Property taxes in Gheen, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gheen is 0.16%, significantly lower than both the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Gheen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gheen 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 Gheen's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55401 zip code has the highest median property tax rate of 1.55%, while the 56201 zip code has the lowest median tax rate of 0.85%. Understanding how these cities compare with Gheen provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gheen Tax Rate
0.16%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gheen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55771 | 0.16% | 0.16% | 0.16% | 0.16% | 0.16% |
Source: Ownwell
Property Tax Assessment Values Across Gheen, Minnesota
In Gheen, 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 Itasca 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 Gheen, 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 Gheen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Gheen are both $184, notably found in the 55771 zip code.
Average Gheen Assessed Value
$116,400
Average Itasca County Assessed Value
$169,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gheen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55771 | $116,400 | $116,400 | $116,400 | $116,400 | $116,400 |
Source: Ownwell
Property Tax Bills Across Gheen, Minnesota
In Gheen, located in Itasca County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. For Gheen, the median home price stands at $116,400. The property tax rate in Itasca County is applied to this assessed value to determine the annual tax bill. Homeowners in Gheen can expect a median tax bill of $184, which aligns with the 25th, 75th, and 90th percentiles for the area, indicating a consistent rate across various property values. Compared to the national median property tax rate of 0.99%, Gheen's tax bills are relatively low, providing some financial relief to homeowners. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Gheen Tax Bill
$184
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Gheen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55771 | $184 | $184 | $184 | $184 | $184 |
Source: Ownwell