Gary, Minnesota Property Taxes
The median property tax rate in Gary, MN is 1.02%, slightly above the national median of 0.99% but below the Minnesota state median of 1.11%. With a median home value of $115,500 in Gary, the typical annual property tax bill amounts to $972, which is lower than the national median of $2,690. Property taxes in Gary are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Gary'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 Gary or another part of Norman County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gary, 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 Gary Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gary with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Gary to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, aiding in financial planning and decision-making. For those interested in more granular data, localized neighborhood trends are available just a scroll away. Your property’s assessed value, determined by the county, is crucial for these calculations and may include any applicable exemptions.
Property Tax Rates Across Gary, Minnesota
Property taxes in Gary, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gary is 1.02%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Gary set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gary 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 Gary's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56545 zip code has both the highest and lowest median property tax rate of 1.02%. Understanding how these cities compare with Gary provides valuable insights into the varying tax landscape across Norman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gary Tax Rate
1.02%
Average Norman County Tax Rate
1.16%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gary, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56545 | 0.68% | 0.79% | 1.02% | 1.35% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Gary, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gary, 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 Norman 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 Gary, 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. For instance, the median home price in Gary is $115,500, with tax bills ranging from $553 at the 25th percentile to $2,384 at the 90th percentile. The zip code 56545 has the highest and lowest median tax bill, both at $972. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gary Assessed Value
$115,500
Average Norman County Assessed Value
$94,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gary, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56545 | $5,400 | $53,300 | $115,500 | $175,000 | $257,200 |
Source: Ownwell
Property Tax Bills Across Gary, Minnesota
In Gary, Norman County, MN, property tax bills are determined based on the assessed value of a home, which is influenced by the market value and local tax rates. For a median home price of $115,500, the property tax rate plays a crucial role in calculating the final bill. Homeowners in Gary can expect their tax bills to vary significantly, with the 25th percentile at $553 and the 75th percentile reaching $1,644. At the higher end, the 90th percentile tax bill can go up to $2,384. These figures highlight how property taxes can impact homeowners differently based on their property's assessed value and the applicable tax rate. The highest and lowest median tax bills in the area are both $972, indicating a relatively uniform distribution within specific zip codes. Compared to the national median property tax rate of 0.99%, Gary's property tax rates provide a unique perspective on how local factors influence homeowners' financial responsibilities.
Average Gary Tax Bill
$972
Average Norman County Tax Bill
$979
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Gary, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56545 | $139 | $553 | $972 | $1,644 | $2,384 |
Source: Ownwell