Dennison, Minnesota Property Taxes
The median property tax rate in Dennison, MN is 0.62%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Dennison, the typical annual property tax bill reaches $2,322, which is below the national median of $2,690. Property taxes in Dennison are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Dennison'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 Dennison or another part of Rice County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dennison, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$2,301
Ownwell’s Dennison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dennison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dennison 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 Dennison, Minnesota
Property taxes in Dennison, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dennison is 0.62%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Dennison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dennison 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 Dennison's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55018 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Dennison provides valuable insights into the varying tax landscape across Rice County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dennison Tax Rate
0.62%
Average Rice County Tax Rate
0.89%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dennison, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55018 | 0.23% | 0.32% | 0.62% | 0.83% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Dennison, Minnesota
In Dennison, 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 Rice 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 Dennison, 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 Dennison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Dennison is $371,100, with tax bills ranging from $872 at the 25th percentile to $4,930 at the 90th percentile.
Average Dennison Assessed Value
$371,100
Average Rice County Assessed Value
$294,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dennison, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55018 | $66,960 | $198,000 | $371,100 | $601,100 | $960,220 |
Source: Ownwell
Property Tax Bills Across Dennison, Minnesota
In Dennison, located in Rice County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and reflects the market value of the property. Homeowners in Dennison can expect their tax bills to vary significantly, depending on their property's assessed value and the applicable tax rate. For example, the median home price in Dennison is $371,100. Property tax bills in the area range widely, with the 25th percentile at $872 and the 75th percentile at $3,585. The 90th percentile reaches up to $4,930. These variations illustrate how different factors, such as property size, location, and improvements, can impact the final tax bill. Compared to the national median property tax rate of 0.99%, Dennison homeowners may find their tax bills influenced by local rates and assessments. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Dennison Tax Bill
$2,322
Average Rice County Tax Bill
$2,471
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Dennison, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55018 | $162 | $872 | $2,322 | $3,585 | $4,930 |
Source: Ownwell