Benson, Minnesota Property Taxes
The median property tax rate in Benson, MN is 1.03%, slightly higher than the national median of 0.99%, but lower than the Minnesota state median of 1.11%. With the median home value in Benson at $134,400, the typical annual property tax bill is $1,274, which is below the national median of $2,690. Property taxes in Benson are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Benson'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 Benson 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
Benson, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,384
Ownwell’s Benson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benson 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 Benson, Minnesota
Property taxes in Benson, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benson is 1.03%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Benson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benson 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 Benson's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56215 has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these areas compare with Benson provides valuable insights into the varying tax landscape across Swift County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benson Tax Rate
1.03%
Average Swift County Tax Rate
0.99%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56215 | 0.54% | 0.73% | 1.03% | 1.31% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Benson, Minnesota
In Benson, 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 Swift 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 Benson, 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 Benson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Benson both stand at $1,274, indicating a consistent tax landscape across the area.
Average Benson Assessed Value
$134,400
Average Swift County Assessed Value
$128,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56215 | $30,420 | $79,000 | $134,400 | $225,600 | $370,780 |
Source: Ownwell
Property Tax Bills Across Benson, Minnesota
In Benson, Swift County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements or changes made to the property. For homeowners in Benson, the property tax burden can vary significantly. The 25th percentile tax bill is around $734, while the 75th percentile reaches $2,076, and the 90th percentile can be as high as $3,711. These figures indicate a broad range of tax liabilities, reflecting the diversity in property values and types within the area. Comparatively, the national median property tax rate stands at 0.99%, making it essential for homeowners in Benson to understand their local tax rates and assessed values. This understanding helps them anticipate their tax obligations and plan accordingly, ensuring they are not caught off guard by their annual property tax bills.
Average Benson Tax Bill
$1,274
Average Swift County Tax Bill
$1,162
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Benson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56215 | $273 | $734 | $1,274 | $2,076 | $3,711 |
Source: Ownwell