Bena, Minnesota Property Taxes
The median property tax rate in Bena, MN is 0.90%, 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 Bena, the typical annual property tax bill reaches $596, significantly below the national median of $2,690. Property taxes in Bena 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 Bena'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 Bena 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
Bena, 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 Bena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bena 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 Bena, Minnesota
Property taxes in Bena, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bena is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Bena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bena 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 Bena's effective property tax rate to other areas in Cass County and the national median. For comparison, the zip code 56626 has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Bena provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bena Tax Rate
0.90%
Average Cass County Tax Rate
0.53%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bena, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56626 | 0.78% | 0.83% | 0.90% | 1.10% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Bena, Minnesota
In BENA, 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 Cass 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 BENA, 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 BENA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In BENA, the zip code 56626 has both the highest and lowest median tax bill, which is $596. The 25th percentile tax bill is $200, while the 75th percentile tax bill is $1,527, and the 90th percentile tax bill is $3,100.
Average Bena Assessed Value
$79,900
Average Cass County Assessed Value
$248,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bena, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56626 | $7,620 | $19,300 | $79,900 | $184,900 | $356,920 |
Source: Ownwell
Property Tax Bills Across Bena, Minnesota
In Bena, located in Cass County, MN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $79,900, homeowners can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $200, while at the 75th percentile, it can reach up to $1,527. The 90th percentile sees tax bills as high as $3,100. Several factors influence these amounts, including property size, location, and any applicable exemptions or deductions. This variability means that homeowners in Bena could experience a range of financial impacts depending on their specific circumstances. Compared to the national median property tax rate of 0.99%, Bena's rates can be either more favorable or more burdensome, highlighting the importance of understanding local property tax dynamics.
Average Bena Tax Bill
$596
Average Cass County Tax Bill
$1,350
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bena, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56626 | $118 | $200 | $596 | $1,527 | $3,100 |
Source: Ownwell