Grand Meadow, Minnesota Property Taxes
The median property tax rate in Grand Meadow, MN is 1.22%, notably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $229,100 in Grand Meadow, the typical annual property tax bill reaches $2,622, which is just below the national median of $2,690. Property taxes in Grand Meadow are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Grand Meadow'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 Grand Meadow 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
Grand Meadow, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$2,795
Ownwell’s Grand Meadow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Meadow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Meadow 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 Grand Meadow, Minnesota
Property taxes in Grand Meadow, Minnesota, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Grand Meadow is 1.22%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Grand Meadow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Meadow 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 Grand Meadow's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55936 has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Grand Meadow provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Meadow Tax Rate
1.22%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Meadow, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55936 | 0.42% | 0.83% | 1.22% | 1.39% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Grand Meadow, Minnesota
In Grand Meadow, 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 Mower 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 Grand Meadow, 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 Grand Meadow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grand Meadow is $229,100, with tax bills ranging from $1,782 at the 25th percentile to $4,928 at the 90th percentile. The highest and lowest median tax bills are both $2,622 in zip code 55936.
Property Tax Assessment Values Across Grand Meadow, Minnesota
Source: Ownwell
$126,100
$294,650
$463,200
Average Grand Meadow Assessed Value
$229,100
Average Mower County Assessed Value
$155,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Meadow, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55936 | $35,800 | $150,125 | $229,100 | $368,450 | $682,250 |
Source: Ownwell
Property Tax Bills Across Grand Meadow, Minnesota
In Grand Meadow, located in Mower County, MN, property tax bills are calculated based on the assessed value of a home, which is then multiplied by the local tax rate. The median home price in Grand Meadow is $229,100. Property tax bills can vary significantly, with the 25th percentile at $1,782 and the 75th percentile at $3,602, indicating a range of what homeowners might expect to pay. At the higher end, the 90th percentile tax bill reaches $4,928. Factors that influence these tax bills include the assessed value of the property, local levies, and any applicable exemptions. For example, if a homeowner qualifies for a homestead exemption, this can significantly reduce their taxable value and thus their tax bill. Compared to the national median property tax rate of 0.99%, Grand Meadow’s tax rates reflect the local economic conditions and funding needs. This variability in tax bills can impact homeowners by influencing their overall cost of living and potentially affecting their ability to invest in or sell their properties.
Average Grand Meadow Tax Bill
$2,622
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Meadow, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55936 | $680 | $1,782 | $2,622 | $3,602 | $4,928 |
Source: Ownwell