Dunnell, Minnesota Property Taxes
The median property tax rate in Dunnell, MN is 1.45%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Dunnell at $67,900, the typical annual property tax bill reaches $1,132, exceeding the national median of $2,690. Property taxes in Dunnell 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 Dunnell'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 Dunnell 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
Dunnell, 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 Dunnell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dunnell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dunnell 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 Dunnell, Minnesota
Property taxes in Dunnell, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dunnell is 1.45%, significantly higher than the U.S. national median of 0.99%. Local government entities within Dunnell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dunnell 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 Dunnell's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56127 has the highest median property tax rate of 1.45%, while the same zip code also has the lowest median tax rate of 1.45%. Understanding how these areas compare with Dunnell provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dunnell Tax Rate
1.45%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dunnell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56127 | 0.26% | 0.46% | 1.45% | 3.02% | 4.73% |
Source: Ownwell
Property Tax Assessment Values Across Dunnell, Minnesota
In Dunnell, 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 Martin 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 Dunnell, 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 Dunnell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Dunnell is $1,132, found in the 56127 zip code.
Average Dunnell Assessed Value
$67,900
Average Martin County Assessed Value
$139,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dunnell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56127 | $17,940 | $31,600 | $67,900 | $287,550 | $1,432,640 |
Source: Ownwell
Property Tax Bills Across Dunnell, Minnesota
In Dunnell, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Dunnell is $67,900. Property taxes are then applied to this assessed value to determine the final tax bill. Various factors influence this calculation, including the local tax rate and any applicable exemptions. For homeowners in Dunnell, the tax burden can vary significantly. At the 25th percentile, the tax bill is approximately $700, while at the 75th percentile, it rises to around $1,958. Homeowners at the 90th percentile experience even higher bills, reaching up to $3,246. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting community quality of life. Compared to the national median property tax rate of 0.99%, Dunnell's property tax rates can be seen as reflective of the local economic conditions and public service needs.
Average Dunnell Tax Bill
$1,132
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Dunnell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56127 | $447 | $700 | $1,132 | $1,958 | $3,246 |
Source: Ownwell