Kenneth, Minnesota Property Taxes
The median property tax rate in Kenneth, MN is 0.61%, notably 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 $48,700, the typical annual property tax bill is $311, significantly below the national median of $2,690. Property taxes in Kenneth are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Kenneth'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 Kenneth 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
Kenneth, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$297
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 vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kenneth is 0.61%, lower than both the Minnesota state median and 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 56147 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Kenneth provides valuable insights into the varying tax landscape across Rock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kenneth Tax Rate
0.61%
Average Rock County Tax Rate
0.93%
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 | 0.36% | 0.55% | 0.61% | 0.81% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Kenneth, Minnesota
In Kenneth, 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 Rock 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. Being aware of these valuation processes in Kenneth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Kenneth are both $311, found in zip code 56147.
Average Kenneth Assessed Value
$48,700
Average Rock County Assessed Value
$166,600
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 | $5,560 | $14,350 | $48,700 | $137,325 | $232,720 |
Source: Ownwell
Property Tax Bills Across Kenneth, Minnesota
In Kenneth, located in Rock County, MN, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by local assessors who evaluate the market value of the property. Once the market value is established, it is multiplied by the assessment ratio to determine the assessed value. The local tax rate is then applied to this assessed value to calculate the property tax bill. Several factors influence the property tax bill, including the property's market value, local tax rates, and any applicable exemptions or deductions. Homeowners in Kenneth can expect their tax bills to vary significantly, with the 25th percentile tax bill at $100 and the 75th percentile reaching $924. At the 90th percentile, tax bills can go up to $1822. Compared to the national median property tax rate of 0.99%, Kenneth's rates reflect the unique economic conditions of the area. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners.
Average Kenneth Tax Bill
$311
Average Rock County Tax Bill
$1,430
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 | $26 | $100 | $311 | $924 | $1,822 |
Source: Ownwell