Grey Eagle, Minnesota Property Taxes
The median property tax rate in Grey Eagle, MN is 0.56%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Grey Eagle at $380,600, the typical annual property tax bill amounts to $1,527, which is well below the national median of $2,690. Property taxes in Grey Eagle 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 Grey Eagle'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 Grey Eagle 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
Grey Eagle, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$2,131
Ownwell’s GREY EAGLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GREY EAGLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GREY EAGLE 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 Grey Eagle, Minnesota
Property taxes in Grey Eagle, Minnesota, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Grey Eagle is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Grey Eagle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grey Eagle 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 Grey Eagle's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56336 has the highest median property tax rate of 0.56%, while also having the lowest median tax rate of 0.56%. Understanding how these cities compare with Grey Eagle provides valuable insights into the varying tax landscape across Morrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grey Eagle Tax Rate
0.56%
Average Morrison County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grey Eagle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56336 | 0.19% | 0.32% | 0.56% | 0.80% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Grey Eagle, Minnesota
In Grey Eagle, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value reflects 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 Morrison 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 Grey Eagle, 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. The median home price in Grey Eagle is $380,600, with tax bills ranging from $438 at the 25th percentile to $2,724 at the 90th percentile. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grey Eagle Assessed Value
$380,600
Average Morrison County Assessed Value
$210,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grey Eagle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56336 | $144,900 | $293,850 | $380,600 | $457,000 | $587,320 |
Source: Ownwell
Property Tax Bills Across Grey Eagle, Minnesota
In Grey Eagle, located in Morrison County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Grey Eagle, the median home price is $380,600. Property tax bills can vary significantly, with the 25th percentile tax bill at $438 and the 75th percentile tax bill at $2,647. The highest median tax bill in the area is $1,527, which is notably lower than the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood changes, and local government budgets can influence these tax bills. Understanding these elements is crucial for homeowners, as property taxes can impact overall housing affordability and long-term financial planning. Keeping abreast of local property tax trends can help homeowners anticipate and manage their annual expenses effectively.
Average Grey Eagle Tax Bill
$1,527
Average Morrison County Tax Bill
$1,722
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Grey Eagle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56336 | $415 | $438 | $1,527 | $2,647 | $2,724 |
Source: Ownwell