Canyon, Minnesota Property Taxes
The median property tax rate in Canyon, Minnesota is 1.05%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $130,650 in Canyon, the typical annual property tax bill amounts to $1,290, which is below the national median of $2,690. Property taxes in Canyon are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Navigating Canyon’s property tax system, understanding the available exemptions, and identifying potential reductions can result in substantial annual savings. Whether you're in the heart of Canyon or another part of the city, being well-versed in the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Canyon, 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 Canyon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canyon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canyon 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 Canyon, Minnesota
Property taxes in Canyon, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canyon is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Canyon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canyon 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 Canyon's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 55717 zip code has both the highest and lowest median property tax rate of 1.05%. Understanding how these areas compare with Canyon provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canyon Tax Rate
1.05%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canyon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55717 | 0.84% | 0.97% | 1.05% | 1.09% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Canyon, Minnesota
In Canyon, 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 St. Louis 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 Canyon, 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 Canyon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 55717, with a median tax bill of $1290.
Average Canyon Assessed Value
$130,650
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canyon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55717 | $29,070 | $65,975 | $130,650 | $219,725 | $313,250 |
Source: Ownwell
Property Tax Bills Across Canyon, Minnesota
In Canyon, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the home. For instance, the median home price in Canyon is $130,650. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Canyon can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is $666, while the 75th percentile tax bill is $2,154. At the higher end, the 90th percentile tax bill reaches $3,321. Compared to the national median property tax rate of 0.99%, Canyon's tax rates can lead to varying financial impacts on homeowners, making it essential for property owners to understand their assessed values and any potential exemptions they may qualify for.
Average Canyon Tax Bill
$1,290
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Canyon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55717 | $286 | $666 | $1,290 | $2,154 | $3,321 |
Source: Ownwell