Kelsey, Minnesota Property Taxes
The median property tax rate in Kelsey, MN is 0.81%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Kelsey at $135,400, the typical annual property tax bill amounts to $1,015, significantly below the national median of $2,690. Property taxes in Kelsey are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Kelsey's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Kelsey 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
Kelsey, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,097
Ownwell’s Kelsey Property Tax Bill Calculator is an essential tool for any homeowner, real estate investor, or potential buyer looking to estimate their annual property taxes in Kelsey. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Kelsey to provide an accurate estimate of your property tax bill. This powerful tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more granular data, you can explore neighborhood-level trends by scrolling down. Your property's assessed value, determined by the county, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Kelsey, Minnesota
Property taxes in Kelsey, Minnesota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Kelsey is 0.81%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Kelsey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kelsey 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 Kelsey's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55724 has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Kelsey 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 Kelsey Tax Rate
0.81%
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 Kelsey, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55724 | 0.47% | 0.62% | 0.81% | 0.96% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Kelsey, Minnesota
In Kelsey, 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 Kelsey, 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. For instance, the highest median tax bill in the area is $1,015 in zip code 55724, while the lowest is also $1,015 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kelsey Assessed Value
$135,400
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 Kelsey, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55724 | $51,200 | $90,200 | $135,400 | $177,950 | $223,200 |
Source: Ownwell
Property Tax Bills Across Kelsey, Minnesota
In Kelsey, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $135,400, homeowners can expect varying tax bills. The 25th percentile tax bill is around $535, while the 75th percentile reaches up to $1,544, and the 90th percentile can go as high as $2,105. These figures indicate that while some homeowners face relatively modest tax bills, others may encounter significantly higher amounts. The tax rate in Kelsey is influenced by local government budgets and public service funding needs, impacting how much homeowners ultimately pay. Comparing this to the national median property tax rate of 0.99%, Kelsey's property taxes can vary widely, affecting homeowners differently based on their property's assessed value and the specific tax rate applied.
Average Kelsey Tax Bill
$1,015
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 Kelsey, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55724 | $260 | $535 | $1,015 | $1,544 | $2,105 |
Source: Ownwell