Gibbon, Minnesota Property Taxes
The median property tax rate in Gibbon, MN is 0.21%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Gibbon, the typical annual property tax bill reaches $2,268, which is below the national median of $2,690. Property taxes in Gibbon are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gibbon'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 Gibbon 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
Gibbon, 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 Gibbon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gibbon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibbon 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 Gibbon, Minnesota
Property taxes in Gibbon, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gibbon is 1.03%, higher than both the Minnesota state median of 1.02% and the U.S. national median of 0.99%. Local government entities within Gibbon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gibbon 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 Gibbon's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55310 zip code has the highest median property tax rate of 1.12%, while the 55332 zip code has the lowest median tax rate of 0.93%. Understanding how these cities compare with Gibbon provides valuable insights into the varying tax landscape across Renville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gibbon Tax Rate
0.21%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gibbon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55335 | 0.18% | 0.19% | 0.21% | 0.47% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Gibbon, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gibbon, 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 Renville 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 Gibbon, 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 example, the highest median tax bill in zip code 55335 is $2,268, while the lowest median tax bill in the same zip code is also $2,268. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gibbon Assessed Value
$1,061,200
Average Renville County Assessed Value
$142,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gibbon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55335 | $305,200 | $588,700 | $1,061,200 | $1,405,700 | $1,612,400 |
Source: Ownwell
Property Tax Bills Across Gibbon, Minnesota
In Gibbon, located in Renville County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Gibbon is $1,061,200, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and any improvements or renovations can influence the assessed value. Homeowners in Gibbon can expect their property tax bills to vary. For instance, a tax bill at the 25th percentile is around $1,561, while at the 75th percentile, it rises to approximately $2,661. At the higher end, the 90th percentile tax bill reaches $2,897. These figures highlight the range of property tax obligations that homeowners might face, depending on their property's assessed value and specific characteristics. Comparatively, the national median property tax rate is 0.99%, making Gibbon's property tax landscape relatively moderate. This variability in tax bills underscores the importance of understanding local property assessments and tax rates to manage homeownership costs effectively.
Average Gibbon Tax Bill
$2,268
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Gibbon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55335 | $1,137 | $1,561 | $2,268 | $2,661 | $2,897 |
Source: Ownwell