Pennock, Minnesota Property Taxes
The median property tax rate in Pennock, MN is 0.87%, 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 $228,000 in Pennock, the typical annual property tax bill amounts to $1,990, falling below the national median of $2,690. Property taxes in Pennock are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Pennock'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 Pennock or another part of Kandiyohi County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pennock, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,984
Ownwell’s Pennock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pennock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pennock 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 Pennock, Minnesota
Property taxes in Pennock, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pennock is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Pennock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pennock 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 Pennock's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56279 has both the highest and lowest median property tax rate of 0.87%. Understanding how these cities compare with Pennock provides valuable insights into the varying tax landscape across Kandiyohi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pennock Tax Rate
0.87%
Average Kandiyohi County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pennock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56279 | 0.38% | 0.75% | 0.87% | 1.10% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Pennock, Minnesota
In Pennock, 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 Kandiyohi 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 Pennock, 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. The median home price in Pennock is $228,000, with tax bills ranging from $1,314 at the 25th percentile to $3,999 at the 90th percentile. The highest median tax bill in the area is $1,990, found in the 56279 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pennock Assessed Value
$228,000
Average Kandiyohi County Assessed Value
$222,850
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pennock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56279 | $83,320 | $134,500 | $228,000 | $363,800 | $648,560 |
Source: Ownwell
Property Tax Bills Across Pennock, Minnesota
In Pennock, located in Kandiyohi County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, the median home price in Pennock is $228,000. Homeowners in Pennock can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $1,314, while at the 75th percentile, it rises to approximately $2,874. For those in the 90th percentile, the tax bill can reach up to $3,999. The highest and lowest median tax bills in the area both stand at $1,990, highlighting some consistency within specific zip codes. Compared to the national median property tax rate of 0.99%, Pennock's property tax landscape presents a range of financial impacts on homeowners, influenced by property values and specific local rates. This variability underscores the importance of understanding local tax assessments and rates for accurate financial planning.
Average Pennock Tax Bill
$1,990
Average Kandiyohi County Tax Bill
$2,360
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Pennock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56279 | $617 | $1,314 | $1,990 | $2,874 | $3,999 |
Source: Ownwell