Kimball, Minnesota Property Taxes
The median property tax rate in Kimball, MN is 0.81%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Kimball at $280,300, the typical annual property tax bill amounts to $2,242, which is below the national median of $2,690. Property taxes in Kimball are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kimball'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 Kimball 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
Kimball, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$2,270
Ownwell’s Kimball Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kimball with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kimball 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 Kimball, Minnesota
Property taxes in Kimball, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kimball is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Kimball set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kimball 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 Kimball's effective property tax rate to other areas in Meeker County and the national median. For comparison, the zip code 55353 has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Kimball provides valuable insights into the varying tax landscape across Meeker County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kimball Tax Rate
0.81%
Average Meeker County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kimball, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55353 | 0.67% | 0.75% | 0.81% | 0.84% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Kimball, Minnesota
In Kimball, 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 Meeker County Assessor’s Office 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 Kimball, 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 Kimball helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Kimball is $280,300, with the highest and lowest median tax bills both recorded at $2,242 in zip code 55353.
Average Kimball Assessed Value
$280,300
Average Meeker County Assessed Value
$230,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kimball, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55353 | $141,300 | $212,375 | $280,300 | $386,975 | $484,250 |
Source: Ownwell
Property Tax Bills Across Kimball, Minnesota
In Kimball, located in Meeker County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Kimball is $280,300. To determine your tax bill, the local government assesses your property's market value and applies the local tax rate to this value. For example, if your home is assessed at the median price, you can expect a tax bill that varies significantly based on your property's specific characteristics and location within the city. Factors influencing your property tax bill include the assessed value of your home, any applicable exemptions, and the specific tax rate set by local taxing authorities. Homeowners in Kimball experience a range of tax bills, with the 25th percentile at $1,616 and the 75th percentile at $3,195, while the tax bill at the 90th percentile reaches $4,003. This variation means that homeowners need to be aware of how changes in assessed value and local tax rates can impact their annual tax obligations.
Average Kimball Tax Bill
$2,242
Average Meeker County Tax Bill
$2,075
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kimball, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55353 | $1,073 | $1,616 | $2,242 | $3,195 | $4,003 |
Source: Ownwell