Garrison, Minnesota Property Taxes
The median property tax rate in Garrison, MN, is 1.05%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $77,800 in Garrison, the typical annual property tax bill amounts to $854, which is below the national median of $2,690. Property taxes in Garrison are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Garrison'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 Garrison or another part of Mille Lacs County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Garrison, 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 Garrison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garrison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garrison 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 Garrison, Minnesota
Property taxes in Garrison, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garrison is 1.05%, higher than the U.S. national median of 0.99%. Local government entities within Garrison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garrison 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 Garrison's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56450 zip code has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Garrison provides valuable insights into the varying tax landscape across Mille Lacs County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garrison Tax Rate
1.05%
Average Mille Lacs County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garrison, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56450 | 0.82% | 0.98% | 1.05% | 1.10% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Garrison, Minnesota
In Garrison, 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 Mille Lacs 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 Garrison, 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 Garrison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56450 has both the highest and lowest median tax bill at $854.
Average Garrison Assessed Value
$77,800
Average Mille Lacs County Assessed Value
$240,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garrison, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56450 | $13,480 | $23,475 | $77,800 | $228,900 | $399,740 |
Source: Ownwell
Property Tax Bills Across Garrison, Minnesota
In Garrison, Mille Lacs County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $77,800, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors that influence the tax bill include the property's market value, any applicable exemptions, and the specific tax rate for the area. In Garrison, property tax bills can range significantly. The 25th percentile tax bill is around $254, while the 75th percentile reaches up to $2,332, and the 90th percentile can be as high as $4,128. The median tax bill in the area is $854, which is below the national median property tax rate of 0.99%. This variation in tax bills affects homeowners differently, depending on the assessed value of their properties and any exemptions they may qualify for, impacting their overall financial planning and budgeting.
Average Garrison Tax Bill
$854
Average Mille Lacs County Tax Bill
$2,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Garrison, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56450 | $132 | $254 | $854 | $2,332 | $4,128 |
Source: Ownwell