Grasston, Minnesota Property Taxes
The median property tax rate in Grasston, MN is 0.92%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $148,600 in Grasston, the typical annual property tax bill amounts to $1,372, significantly below the national median of $2,690. Property taxes in Grasston are determined based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Grasston'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 Grasston or another part of Kanabec County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grasston, 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 Grasston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grasston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grasston 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 Kanabec County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Grasston, Minnesota
Property taxes in Grasston, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grasston is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Grasston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grasston 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 Grasston's effective property tax rate to other areas in Kanabec County and the national median. For comparison, the zip code 55030 has the same median property tax rate of 0.92%, which is consistent across the region. Understanding how these areas compare with Grasston provides valuable insights into the varying tax landscape across Kanabec County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grasston Tax Rate
0.92%
Average Kanabec County Tax Rate
1.11%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grasston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55030 | 0.66% | 0.80% | 0.92% | 1.07% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Grasston, Minnesota
In Grasston, 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 Kanabec County Assessor 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 Grasston, 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 Grasston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 55030, both at $1,372.
Average Grasston Assessed Value
$148,600
Average Kanabec County Assessed Value
$192,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grasston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55030 | $55,260 | $102,800 | $148,600 | $241,750 | $323,080 |
Source: Ownwell
Property Tax Bills Across Grasston, Minnesota
In Grasston, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, with a median home price of $148,600 in Kanabec County, the assessed value forms the basis for the tax bill. The property tax rate in Grasston is applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding, and public services influence the property tax rate. Homeowners in Grasston can expect a wide range of tax bills. At the 25th percentile, the tax bill is around $920, while at the 75th percentile, it climbs to $2,216. For those at the 90th percentile, the tax bill can be as high as $2,696. Compared to the national median property tax rate of 0.99%, Grasston's rates reflect the local economic conditions and funding needs. These property taxes directly impact homeowners by contributing to essential community services such as schools, infrastructure, and emergency services.
Average Grasston Tax Bill
$1,372
Average Kanabec County Tax Bill
$2,112
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Grasston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55030 | $346 | $920 | $1,372 | $2,216 | $2,696 |
Source: Ownwell