Gilbert, Minnesota Property Taxes
The median property tax rate in Gilbert, MN is 1.16%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Gilbert, the typical annual property tax bill reaches $1,152, exceeding the national median of $2,690. Property taxes in Gilbert are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gilbert'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 Gilbert 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
Gilbert, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,100
Ownwell’s Gilbert Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gilbert with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilbert 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 Gilbert, Minnesota
Property taxes in Gilbert, Minnesota, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilbert is 1.16%, higher than the U.S. national median of 0.99%. Local government entities within Gilbert set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilbert 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 Gilbert's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55741 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Gilbert 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 Gilbert Tax Rate
1.16%
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 Gilbert, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55741 | 0.74% | 0.94% | 1.16% | 1.37% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Gilbert, Minnesota
In Gilbert, 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 Gilbert, 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 Gilbert helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Gilbert is $1,152 in the 55741 zip code, which is significantly above the national median property tax rate of 0.99%.
Average Gilbert Assessed Value
$94,800
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 Gilbert, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55741 | $4,680 | $48,900 | $94,800 | $175,200 | $267,500 |
Source: Ownwell
Property Tax Bills Across Gilbert, Minnesota
In Gilbert, 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 median home price in Gilbert is $94,800. The assessed value is determined by the county assessor, who evaluates your property's market value. This assessed value is then multiplied by the local tax rate to determine your annual property tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Gilbert can expect their property tax bills to vary widely. For instance, the tax bill at the 25th percentile is $482, while it rises to $1,994 at the 75th percentile and can reach up to $3,116 at the 90th percentile. Comparatively, the national median property tax rate is 0.99%, which can provide a benchmark for evaluating local tax rates. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Gilbert Tax Bill
$1,152
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 Gilbert, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55741 | $138 | $482 | $1,152 | $1,994 | $3,116 |
Source: Ownwell