Green Isle, Minnesota Property Taxes
The median property tax rate in Green Isle, MN is 0.84%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Green Isle at $281,100, the typical annual property tax bill reaches $2,976, slightly above the national median of $2,690. Property taxes in Green Isle are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Green Isle'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 Green Isle 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
Green Isle, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$2,361
Ownwell’s GREEN ISLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GREEN ISLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GREEN ISLE 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 Green Isle, Minnesota
Property taxes in Green Isle, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Green Isle is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Green Isle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Green Isle 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 Green Isle's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55338 has both the highest and lowest median property tax rate of 0.84%. Understanding how these areas compare with Green Isle 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 Green Isle Tax Rate
0.84%
Average Sibley County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Green Isle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55338 | 0.29% | 0.48% | 0.84% | 1.55% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Green Isle, Minnesota
In Green Isle, 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 Green Isle, 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 Green Isle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Green Isle both stand at $2,976 in zip code 55338, reflecting a consistent property tax environment.
Average Green Isle Assessed Value
$281,100
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 Green Isle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55338 | $123,420 | $208,300 | $281,100 | $426,900 | $840,660 |
Source: Ownwell
Property Tax Bills Across Green Isle, Minnesota
In Green Isle, Sibley County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, the median home price in Green Isle is $281,100, which provides a baseline for tax calculations. Factors influencing the tax bill include property size, location, and any improvements made to the property. Homeowners in Green Isle can expect property tax bills to vary, with the 25th percentile tax bill at $1,718 and the 75th percentile reaching $3,884. At the 90th percentile, tax bills can climb to $4,997. The median property tax rate in Green Isle aligns closely with the national median of 0.99%, making it a significant expense for homeowners. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Green Isle Tax Bill
$2,976
Average Sibley County Tax Bill
$2,314
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Green Isle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55338 | $711 | $1,718 | $2,976 | $3,884 | $4,997 |
Source: Ownwell