Boyd, Minnesota Property Taxes
The median property tax rate in Boyd, MN is 1.37%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Boyd, the typical annual property tax bill reaches $1,201, exceeding the national median of $2,690. Property taxes in Boyd are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Boyd'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 Boyd 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
Boyd, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$1,078
Ownwell’s Boyd Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boyd with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boyd 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 Boyd, Minnesota
Property taxes in Boyd, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Boyd is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Boyd set these rates annually, and they can vary across different neighborhoods. Each year, Boyd 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. Although 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 Boyd's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest and lowest median property tax rates in Lac qui Parle County are both 1.37%, reflecting a uniform rate across the region. Understanding how these cities compare with Boyd provides valuable insights into the varying tax landscape across Lac qui Parle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boyd Tax Rate
1.37%
Average Lac Qui Parle County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boyd, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56218 | 0.30% | 0.57% | 1.37% | 2.80% | 4.34% |
Source: Ownwell
Property Tax Assessment Values Across Boyd, Minnesota
In Boyd, 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 Lac qui Parle 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 Boyd, 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 Boyd helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Boyd both stand at $1201, located in the 56218 zip code.
Average Boyd Assessed Value
$78,700
Average Lac Qui Parle County Assessed Value
$124,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boyd, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56218 | $8,420 | $27,650 | $78,700 | $274,925 | $823,800 |
Source: Ownwell
Property Tax Bills Across Boyd, Minnesota
In Boyd, located in Lac qui Parle County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price in Boyd is $78,700, which serves as a starting point for determining the assessed value. Local authorities then apply the tax rate to this assessed value to calculate the annual property tax bill. Several factors influence the final tax bill, including the property's market value, any applicable exemptions, and local levies for services like schools and infrastructure. For instance, homeowners in Boyd can expect tax bills to vary significantly. At the 25th percentile, tax bills are around $604, while they can reach up to $2,248 at the 75th percentile and $3,449 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Boyd's property taxes can be relatively high, especially for higher-valued homes. This variability in tax bills can significantly impact homeowners, affecting their overall cost of living and financial planning.
Average Boyd Tax Bill
$1,201
Average Lac Qui Parle County Tax Bill
$1,448
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Boyd, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56218 | $232 | $604 | $1,201 | $2,248 | $3,449 |
Source: Ownwell