Yellow Medicine County Property Taxes
The median property tax rate in Yellow Medicine County is 1.38%, which is significantly higher than both the national median of 0.99% and Minnesota's state median of 1.11%. With a median home value of $131,500 in Yellow Medicine County, the typical annual property tax bill reaches $1,634, which is below the national median of $2,690. Property taxes in Yellow Medicine County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Yellow Medicine County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Canby or another part of Yellow Medicine County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Yellow Medicine County 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 Yellow Medicine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Yellow Medicine with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Yellow Medicine to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Yellow Medicine County, Minnesota
Property taxes in Yellow Medicine County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Yellow Medicine County is 1.38%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Yellow Medicine County set these rates annually, and they can vary significantly between different areas within the county. Each year, Yellow Medicine County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Yellow Medicine County's effective property tax rate with other counties in Minnesota and the national median. For comparison, the city of Canby has one of the higher property tax rates in Minnesota at 1.78%, while the city of Boyd boasts one of the lowest at 0.55%. Analyzing how Yellow Medicine County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Yellow Medicine County Tax Rate
1.38%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Yellow Medicine County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Belview | 0.19% | 0.27% | 0.55% | 0.74% | 1.20% |
| Boyd | 0.29% | 0.37% | 0.55% | 0.74% | 1.02% |
| Canby | 0.33% | 0.84% | 1.78% | 2.05% | 2.56% |
| Clarkfield | 0.37% | 0.71% | 1.48% | 1.84% | 2.60% |
| Cottonwood | 0.23% | 0.48% | 0.71% | 0.81% | 0.98% |
| Dawson | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| Echo | 0.24% | 0.47% | 0.94% | 1.66% | 2.40% |
| Granite Falls | 0.60% | 1.03% | 1.53% | 1.82% | 2.08% |
| Hanley Falls | 0.34% | 0.70% | 1.44% | 2.13% | 2.96% |
| Minneota | 0.29% | 0.46% | 0.74% | 0.96% | 1.34% |
| Montevideo | 0.33% | 0.71% | 0.85% | 0.92% | 1.35% |
| Porter | 0.27% | 0.60% | 1.13% | 1.48% | 1.84% |
| Saint Leo | 0.91% | 0.93% | 0.94% | 1.02% | 1.56% |
| Taunton | 0.28% | 0.44% | 0.77% | 0.90% | 1.11% |
| Vesta | 0.24% | 0.29% | 0.36% | 0.44% | 0.48% |
| Wood Lake | 0.31% | 0.71% | 1.32% | 1.57% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Yellow Medicine County, Minnesota
In Yellow Medicine County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Yellow Medicine County Appraisal District. The assessed value, however, 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. Assessment notices in Yellow Medicine County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Vesta has the highest median tax bill at $2,454, while Saint Leo has the lowest at $400. Being aware of these valuation processes in Yellow Medicine County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Yellow Medicine County, Minnesota
Source: Ownwell
$42,400
$424,725
$807,050
Average Yellow Medicine County Assessed Value
$131,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Yellow Medicine County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Belview | $122,280 | $155,700 | $299,800 | $947,800 | $1,395,620 |
| Boyd | $73,580 | $144,400 | $329,800 | $1,065,950 | $1,580,560 |
| Canby | $35,600 | $70,100 | $131,000 | $242,850 | $641,100 |
| Clarkfield | $28,540 | $57,600 | $105,200 | $211,650 | $768,820 |
| Cottonwood | $122,540 | $182,775 | $279,500 | $387,925 | $1,019,100 |
| Dawson | $593,200 | $593,200 | $593,200 | $593,200 | $593,200 |
| Echo | $22,210 | $56,375 | $135,550 | $382,525 | $1,565,730 |
| Granite Falls | $39,900 | $72,050 | $124,400 | $196,450 | $305,500 |
| Hanley Falls | $23,440 | $43,450 | $85,100 | $273,825 | $697,430 |
| Minneota | $30,700 | $57,650 | $115,100 | $596,450 | $1,565,600 |
| Montevideo | $153,500 | $195,200 | $266,200 | $356,050 | $796,070 |
| Porter | $19,700 | $59,000 | $135,600 | $316,400 | $1,486,600 |
| Saint Leo | $13,320 | $32,800 | $42,400 | $59,300 | $77,120 |
| Taunton | $98,510 | $168,250 | $289,700 | $643,325 | $1,639,410 |
| Vesta | $561,330 | $653,475 | $807,050 | $960,625 | $1,052,770 |
| Wood Lake | $31,840 | $74,200 | $135,300 | $291,600 | $1,002,740 |
Source: Ownwell
Property Tax Bills Across Yellow Medicine County, Minnesota
In Yellow Medicine 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 property tax bill. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. For homeowners in Yellow Medicine County, the property tax burden can vary significantly. For instance, the tax bill at the 25th percentile is $950, while it rises to $2,718 at the 75th percentile and reaches $4,170 at the 90th percentile. The city of Vesta has the highest median tax bill at $2,454, contrasting sharply with Saint Leo, where the lowest median tax bill is just $400. These figures illustrate the range of property tax obligations within the county, highlighting how location and property value can significantly impact what homeowners pay annually.
Average Yellow Medicine County Tax Bill
$1,634
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Yellow Medicine County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Belview | $681 | $1,289 | $1,832 | $3,400 | $4,367 |
| Boyd | $606 | $1,158 | $2,118 | $3,687 | $6,000 |
| Canby | $646 | $1,092 | $1,802 | $3,009 | $4,586 |
| Clarkfield | $540 | $926 | $1,402 | $2,200 | $3,428 |
| Cottonwood | $917 | $1,342 | $1,923 | $2,438 | $3,588 |
| Dawson | $1,886 | $1,886 | $1,886 | $1,886 | $1,886 |
| Echo | $282 | $698 | $1,308 | $2,395 | $4,575 |
| Granite Falls | $554 | $970 | $1,738 | $2,712 | $3,846 |
| Hanley Falls | $486 | $766 | $1,224 | $2,133 | $3,718 |
| Minneota | $298 | $514 | $1,050 | $3,226 | $4,754 |
| Montevideo | $1,190 | $1,736 | $2,432 | $3,241 | $4,192 |
| Porter | $250 | $664 | $1,436 | $2,882 | $4,600 |
| Saint Leo | $185 | $318 | $400 | $658 | $781 |
| Taunton | $816 | $1,368 | $2,150 | $4,306 | $5,783 |
| Vesta | $2,360 | $2,395 | $2,454 | $2,513 | $2,548 |
| Wood Lake | $442 | $856 | $1,544 | $2,576 | $4,016 |
Source: Ownwell