Canby, Minnesota Property Taxes
The median property tax rate in Canby, MN, is 0.30%, significantly 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 $441,050, the typical annual property tax bill is $1,460, well below the national median of $2,690. Property taxes in Canby 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 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 the city, 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
0.3%
Estimate Property Tax Bill
$1,323
Ownwell’s Canby Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Canby with minimal effort. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Canby to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Canby, Minnesota
Property taxes in Canby, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canby is 1.15%, significantly higher than both the Minnesota state median of 1.02% and 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 55303 zip code has the highest median property tax rate of 1.25%, while the 55401 zip code has the lowest median tax rate of 0.90%. Understanding how these cities compare with Canby provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canby Tax Rate
0.30%
Average Lincoln County Tax Rate
0.54%
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 | 0.17% | 0.19% | 0.30% | 0.47% | 0.76% |
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 Lincoln 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 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. In Canby, the zip code with the highest median tax bill is 56220, with a median bill of $1,460, which also happens to be the lowest median tax bill in the area.
Average Canby Assessed Value
$441,050
Average Lincoln County Assessed Value
$232,300
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 | $114,720 | $246,675 | $441,050 | $895,200 | $1,286,280 |
Source: Ownwell
Property Tax Bills Across Canby, Minnesota
In Canby, located in Lincoln County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value reflects the market value of the property, and the property tax rate is applied to this value to determine the tax bill. For instance, with a median home price of $441,050, homeowners in Canby can expect varying tax bills depending on their property's assessed value and applicable exemptions. The tax bill can range significantly, with the 25th percentile at $782 and the 75th percentile reaching up to $2,473. At the higher end, the 90th percentile tax bill can be as much as $3,822. Compared to the national median property tax rate of 0.99%, the tax rate in Canby reflects the local economic conditions and funding requirements for public services. These taxes fund essential services such as education, infrastructure, and emergency services, directly impacting the quality of life for homeowners in the area.
Average Canby Tax Bill
$1,460
Average Lincoln County Tax Bill
$1,300
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 | $496 | $782 | $1,460 | $2,473 | $3,822 |
Source: Ownwell