Graceville, Minnesota Property Taxes
The median property tax rate in Graceville, MN is 1.35%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Graceville at $80,450, the typical annual property tax bill reaches $966, which is below the national median of $2,690. Property taxes in Graceville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Graceville'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 Graceville 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
Graceville, 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 Graceville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Graceville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Graceville 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 Graceville, Minnesota
Property taxes in Graceville, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Graceville is 1.35%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Graceville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Graceville 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 Graceville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56240 zip code has the highest median property tax rate of 1.35%, while the same 56240 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Graceville 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 Graceville Tax Rate
1.35%
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 Graceville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56240 | 0.79% | 1.17% | 1.35% | 1.64% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Graceville, Minnesota
In Graceville, 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 Graceville, 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. The median home price in Graceville stands at $80,450, with tax bills ranging from $551 at the 25th percentile to $2,551 at the 90th percentile. Interestingly, the zip code 56240 has both the highest and lowest median tax bill at $966. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Graceville Assessed Value
$80,450
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 Graceville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56240 | $10,000 | $44,050 | $80,450 | $132,950 | $208,450 |
Source: Ownwell
Property Tax Bills Across Graceville, Minnesota
In Graceville, located in Big Stone County, MN, property tax bills are calculated based on the assessed value of your home. The median home price in this area is $80,450. Local tax authorities determine the assessed value, which is then multiplied by the local tax rate to calculate the tax bill. For Graceville, the tax bills can vary significantly, with the 25th percentile tax bill being $551 and the 75th percentile reaching $1,658. The 90th percentile tax bill climbs even higher to $2,551. Several factors influence the final tax bill, including property size, improvements, and local government budget needs. Homeowners in Graceville may find their tax bills higher or lower than the national median property tax rate of 0.99%, depending on these variables. Understanding these dynamics can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Graceville Tax Bill
$966
Average Big Stone County Tax Bill
$908
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Graceville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56240 | $170 | $551 | $966 | $1,658 | $2,551 |
Source: Ownwell