Canby, Minnesota Property Taxes
The median property tax rate in Canby, MN is 0.60%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Canby at $299,300, the typical annual property tax bill reaches $1,824, which is below the national median of $2,690. Property taxes in Canby 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 Canby’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 Canby or another part of Lac qui Parle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Canby, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,796
Ownwell’s Canby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canby 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 Canby, Minnesota
Property taxes in Canby, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canby is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Canby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canby 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 Canby's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56220 has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Canby 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 Canby Tax Rate
0.60%
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 Canby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56220 | 0.24% | 0.35% | 0.60% | 0.86% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Canby, Minnesota
In Canby, 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 Canby, 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 Canby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Canby is $1,824 in the 56220 zip code, which is also the lowest median tax bill.
Average Canby Assessed Value
$299,300
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 Canby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56220 | $98,640 | $142,400 | $299,300 | $711,100 | $1,029,400 |
Source: Ownwell
Property Tax Bills Across Canby, Minnesota
In Canby, located in Lac qui Parle County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate the property’s market value. Once the market value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $299,300, homeowners can expect tax bills ranging from $1,052 at the 25th percentile to $4,246 at the 90th percentile. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Canby should note that while the national median property tax rate is 0.99%, local rates and policies can cause variations. Understanding these factors is crucial for homeowners to budget effectively and anticipate their financial obligations. By staying informed about how property taxes are calculated, Canby residents can better manage their expenses and plan for the future.
Average Canby Tax Bill
$1,824
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 Canby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56220 | $636 | $1,052 | $1,824 | $3,244 | $4,246 |
Source: Ownwell