Garden City, Minnesota Property Taxes
The median property tax rate in Garden City, MN is 0.64%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $267,200 in Garden City, the typical annual property tax bill is $1,759, which is below the national median of $2,690. Property taxes in Garden City are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Garden City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Garden City or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Garden City, 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 Garden City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garden City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garden City 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 Garden City, Minnesota
Property taxes in Garden City, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garden City is 0.64%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Garden City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garden City 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 Garden City's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56034 zip code has both the highest and lowest median property tax rate of 0.64%. Understanding how these cities compare with Garden City provides valuable insights into the varying tax landscape across Blue Earth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garden City Tax Rate
0.64%
Average Blue Earth County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garden City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56034 | 0.30% | 0.54% | 0.64% | 0.68% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Garden City, Minnesota
In Garden City, 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 Blue Earth 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 Garden City, 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 the area is $267,200, with tax bills ranging from $1,002 at the 25th percentile to $3,846 at the 90th percentile. The highest and lowest median tax bills both stand at $1,759 in the 56034 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 Garden City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Garden City Assessed Value
$267,200
Average Blue Earth County Assessed Value
$262,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garden City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56034 | $115,620 | $164,800 | $267,200 | $456,800 | $837,440 |
Source: Ownwell
Property Tax Bills Across Garden City, Minnesota
In Garden City, located in Blue Earth County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies an assessment ratio to compute the taxable value. This taxable value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Garden City, the median home price stands at $267,200. Property tax bills vary significantly, with the 25th percentile at $1,002 and the 75th percentile reaching $2,792. For those in the 90th percentile, the tax bill can be as high as $3,846. The highest and lowest median tax bills in the area are both $1,759, corresponding to the zip code 56034. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners need to understand these factors as they significantly influence the cost of owning property in Garden City.
Average Garden City Tax Bill
$1,759
Average Blue Earth County Tax Bill
$2,724
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Garden City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56034 | $608 | $1,002 | $1,759 | $2,792 | $3,846 |
Source: Ownwell