Garvin, Minnesota Property Taxes
The median property tax rate in Garvin, MN is 1.48%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Garvin, the typical annual property tax bill reaches $808, exceeding the national median of $2,690. Property taxes in Garvin 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 Garvin'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 Garvin 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
Garvin, 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 Garvin Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Garvin. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Garvin to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of your potential tax liabilities, making it easier to plan and budget accordingly. For those interested in more detailed insights, you can explore trends and localized information by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Garvin, Minnesota
Property taxes in Garvin, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garvin is 1.48%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Garvin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garvin 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 Garvin's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56132 has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Garvin provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garvin Tax Rate
1.48%
Average Lyon County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garvin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56132 | 0.56% | 0.63% | 1.48% | 1.86% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Garvin, Minnesota
In Garvin, 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 county 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 Garvin, 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 Garvin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Garvin are both $808 in the zip code 56132.
Average Garvin Assessed Value
$50,100
Average Lyon County Assessed Value
$158,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garvin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56132 | $2,620 | $25,950 | $50,100 | $186,350 | $291,920 |
Source: Ownwell
Property Tax Bills Across Garvin, Minnesota
Property tax bills in Garvin, located in Lyon County, MN, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Garvin is $50,100, and the property tax rate is influenced by various factors, including local government budgets and school district funding needs. Homeowners in Garvin can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $406, while at the 75th percentile, it rises to $1,231. At the 90th percentile, it can reach up to $2,235. These variations reflect differences in property values and the specific tax rates applied. Compared to the national median property tax rate of 0.99%, Garvin's property taxes can be relatively manageable for many homeowners. However, the impact on individual homeowners will depend on the precise assessed value of their property and the specific tax rate applicable to their area.
Average Garvin Tax Bill
$808
Average Lyon County Tax Bill
$1,794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Garvin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56132 | $51 | $406 | $808 | $1,231 | $2,235 |
Source: Ownwell