Goodland, Minnesota Property Taxes
The median property tax rate in Goodland, MN is 0.99%, aligning with the national median of 0.99% but slightly lower than the Minnesota state median of 1.11%. With a median home value of $144,650 in Goodland, the typical annual property tax bill amounts to $1,184, which is below the national median of $2,690. Property taxes in Goodland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Goodland'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 Goodland 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
Goodland, 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 Goodland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goodland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goodland 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 Goodland, Minnesota
Property taxes in Goodland, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodland is 0.99%, aligning with both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Goodland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodland 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 Goodland's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55742 zip code has the highest median property tax rate of 0.99%, while the same zip code also has the lowest median tax rate of 0.99%. Understanding how these cities compare with Goodland 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 Goodland Tax Rate
0.99%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goodland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55742 | 0.48% | 0.81% | 0.99% | 1.07% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Goodland, Minnesota
In Goodland, 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 Goodland, 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 Goodland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill, found in zip code 55742, is $1,184, while the lowest median tax bill is also $1,184, reflecting the uniformity in tax assessments within the region.
Average Goodland Assessed Value
$144,650
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 Goodland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55742 | $52,060 | $87,100 | $144,650 | $228,125 | $309,370 |
Source: Ownwell
Property Tax Bills Across Goodland, Minnesota
In Goodland, Itasca County, MN, property tax bills are calculated based on the assessed value of the property. The county assessor determines this value, which is then multiplied by the local tax rate to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Goodland typically see tax bills ranging from $658 at the 25th percentile to $2,120 at the 75th percentile, with the 90th percentile reaching up to $2,924. The median home price in Goodland is $144,650, which gives a sense of the property values contributing to these tax bills. With the national median property tax rate at 0.99%, Goodland's property taxes can be seen as relatively moderate. However, the actual impact on homeowners varies widely depending on the specific characteristics and assessed value of their properties. Understanding these factors can help homeowners anticipate their property tax obligations and plan accordingly.
Average Goodland Tax Bill
$1,184
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55742 | $356 | $658 | $1,184 | $2,120 | $2,924 |
Source: Ownwell