Kimball, Minnesota Property Taxes
The median property tax rate in Kimball, MN is 0.92%, slightly lower than the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Kimball at $298,850, the typical annual property tax bill reaches $2,872, which is just below the national median of $2,690. Property taxes in Kimball are calculated based on the tax assessed value, which typically falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Kimball'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 Kimball 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
Kimball, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$2,749
Ownwell’s Kimball Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kimball with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kimball 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 Kimball, Minnesota
Property taxes in Kimball, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kimball is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Kimball set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kimball 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 Kimball's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55353 has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these areas compare with Kimball provides valuable insights into the varying tax landscape across Stearns County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kimball Tax Rate
0.92%
Average Stearns County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kimball, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55353 | 0.44% | 0.82% | 0.92% | 1.12% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Kimball, Minnesota
In Kimball, 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 Stearns County Assessor 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 Kimball, 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 Kimball helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Kimball are both $2,872, found in zip code 55353.
Average Kimball Assessed Value
$298,850
Average Stearns County Assessed Value
$269,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kimball, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55353 | $139,940 | $213,225 | $298,850 | $448,625 | $614,300 |
Source: Ownwell
Property Tax Bills Across Kimball, Minnesota
In Kimball, Stearns County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $298,850, homeowners can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is approximately $2,006, while at the 75th percentile, it rises to around $3,792. The tax bill can reach up to $4,778 at the 90th percentile. This variation is influenced by factors such as property improvements, neighborhood changes, and local government budgets. Compared to the national median property tax rate of 0.99%, Kimball's property taxes can be relatively high, impacting homeowners by increasing their annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Kimball Tax Bill
$2,872
Average Stearns County Tax Bill
$2,818
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kimball, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55353 | $1,048 | $2,006 | $2,872 | $3,792 | $4,778 |
Source: Ownwell