Barry, Minnesota Property Taxes
The median property tax rate in Barry, MN is 0.87%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Barry at $32,300, the typical annual property tax bill reaches $280, significantly less than the national median of $2,690. Property taxes in Barry are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Barry'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 Barry 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
Barry, Minnesota 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 Barry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barry 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 Barry, Minnesota
Property taxes in Barry, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barry is 0.87%, lower than the U.S. national median of 0.99%. Local government entities within Barry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barry 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 Barry's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56210 has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these areas compare with Barry provides valuable insights into the varying tax landscape across Big Stone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barry Tax Rate
0.87%
Average Big Stone County Tax Rate
1.13%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barry, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56210 | 0.83% | 0.84% | 0.87% | 0.98% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Barry, Minnesota
In Barry, 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 Big Stone 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 Barry, 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. For instance, while the 25th percentile tax bill is around $113, the 75th percentile reaches $550, and the 90th percentile can go up to $781. The highest and lowest median tax bill in Barry is $280, found in the 56210 zip code. 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 Barry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Barry Assessed Value
$32,300
Average Big Stone County Assessed Value
$88,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barry, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56210 | $1,390 | $7,650 | $32,300 | $68,400 | $93,710 |
Source: Ownwell
Property Tax Bills Across Barry, Minnesota
In Barry, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Barry is $32,300, and the property tax rate is influenced by various factors, including the property's assessed value and the county's tax rate. For homeowners, this means that their annual tax bill can vary significantly. For example, the 25th percentile tax bill is $113, while the 75th percentile tax bill is $550. At the higher end, the 90th percentile tax bill reaches $781. Compared to the national median property tax rate of 0.99%, Barry's property tax landscape shows a range of tax burdens, reflecting the diversity in property values and tax assessments within the area. This variability can significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Barry Tax Bill
$280
Average Big Stone County Tax Bill
$908
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Barry, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56210 | $14 | $113 | $280 | $550 | $781 |
Source: Ownwell