Kenneth, Minnesota Property Taxes
The median property tax rate in Kenneth, MN is 0.57%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Kenneth at $156,000, the typical annual property tax bill is $1,068, which is well below the national median of $2,690. Property taxes in Kenneth are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Kenneth's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Kenneth or another part of Nobles County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kenneth, 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 Kenneth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kenneth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kenneth 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 Kenneth, Minnesota
Property taxes in Kenneth, Minnesota, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Kenneth is 0.57%, which is below the U.S. national median of 0.99%. Local government entities within Kenneth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kenneth 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 Kenneth's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56147 has both the highest and lowest median property tax rate of 0.57%. Understanding how these cities compare with Kenneth provides valuable insights into the varying tax landscape across Nobles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kenneth Tax Rate
0.57%
Average Nobles County Tax Rate
1.00%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kenneth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56147 | 0.47% | 0.55% | 0.57% | 0.69% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Kenneth, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kenneth, Minnesota. 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 Nobles 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 Kenneth, 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. For instance, the median home price in Kenneth is $156,000, with tax bills ranging from $765 at the 25th percentile to $2,002 at the 90th percentile. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kenneth Assessed Value
$156,000
Average Nobles County Assessed Value
$169,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kenneth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56147 | $120,460 | $137,150 | $156,000 | $252,000 | $297,420 |
Source: Ownwell
Property Tax Bills Across Kenneth, Minnesota
In Kenneth, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. Homeowners in Kenneth see their tax bills influenced by the median home price of $156,000. The tax rate in Kenneth is competitive when compared to the national median property tax rate of 0.99%. The tax bill can vary significantly depending on the assessed value of the home. For instance, homeowners in the 25th percentile pay around $765, while those in the 75th percentile see bills closer to $1,570. The top 10% of homeowners may face tax bills up to $2,002. These factors play a crucial role in determining the financial burden on homeowners, affecting their overall cost of living and potentially influencing their decisions on homeownership. The highest and lowest median tax bills in Kenneth are both recorded at $1,068 in the zip code 56147, showcasing a degree of uniformity in property tax assessments within the area.
Average Kenneth Tax Bill
$1,068
Average Nobles County Tax Bill
$1,588
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kenneth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56147 | $570 | $765 | $1,068 | $1,570 | $2,002 |
Source: Ownwell