Gibbon, Minnesota Property Taxes
The median property tax rate in Gibbon, MN is 0.62%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Gibbon at $256,200, the typical annual property tax bill comes to $1,979, which is well below the national median of $2,690. Property taxes in Gibbon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like 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 assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Gibbon using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibbon to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Gibbon, Minnesota
Property taxes in Gibbon, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gibbon is 0.62%, which is lower than both the Minnesota state median 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 areas in Minnesota and the national median. For comparison, the zip code 55335 has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these areas compare with Gibbon provides valuable insights into the varying tax landscape across Sibley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gibbon Tax Rate
0.62%
Average Sibley County Tax Rate
0.81%
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 | 0.24% | 0.34% | 0.62% | 1.55% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Gibbon, Minnesota
In Gibbon, 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 Sibley 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. Being aware of these valuation processes in Gibbon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Gibbon is $256,200, with tax bills ranging from $1,264 at the 25th percentile to $4,571 at the 90th percentile. The highest and lowest median tax bills are both $1,979 in the 55335 zip code.
Average Gibbon Assessed Value
$256,200
Average Sibley County Assessed Value
$273,200
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 | $73,400 | $112,100 | $256,200 | $712,600 | $1,176,540 |
Source: Ownwell
Property Tax Bills Across Gibbon, Minnesota
In Gibbon, located in Sibley County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value, reflecting the estimated price if the property were sold. Various factors influence this assessed value, including the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Gibbon, the median home price is $256,200. Tax bills can vary widely, with the 25th percentile paying around $1,264, while those in the 75th percentile face bills of about $3,018. At the higher end, the 90th percentile sees tax bills reaching up to $4,571. Compared to the national median property tax rate of 0.99%, Gibbon's tax rates can significantly impact homeowners, influencing their financial planning and long-term investment decisions.
Average Gibbon Tax Bill
$1,979
Average Sibley County Tax Bill
$2,314
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 | $653 | $1,264 | $1,979 | $3,018 | $4,571 |
Source: Ownwell