Granite Falls, Minnesota Property Taxes
The median property tax rate in Granite Falls, MN is 1.55%, noticeably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $146,600 in Granite Falls, the typical annual property tax bill amounts to $2,124, which is still below the national median of $2,690. Property taxes in Granite Falls are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Granite Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Granite Falls or another part of Chippewa County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Granite Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$2,272
Ownwell’s Granite Falls Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Granite Falls with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Granite Falls to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Granite Falls, Minnesota
Property taxes in Granite Falls, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Granite Falls is 1.55%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Granite Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Granite Falls 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 Granite Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56241 zip code has the highest median property tax rate of 1.55%, while the same 56241 zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Granite Falls provides valuable insights into the varying tax landscape across Chippewa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Granite Falls Tax Rate
1.55%
Average Chippewa County Tax Rate
1.23%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Granite Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56241 | 0.72% | 1.21% | 1.55% | 1.73% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Granite Falls, Minnesota
In Granite Falls, 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 Chippewa 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 Granite Falls, 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 Granite Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $2124 in zip code 56241.
Property Tax Assessment Values Across Granite Falls, Minnesota
Source: Ownwell
$76,900
$150,475
$224,050
Average Granite Falls Assessed Value
$146,600
Average Chippewa County Assessed Value
$136,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Granite Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56241 | $8,440 | $62,625 | $146,600 | $240,025 | $313,270 |
Source: Ownwell
Property Tax Bills Across Granite Falls, Minnesota
In Granite Falls, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate set by Chippewa County. For example, with a median home price of $146,600, homeowners can expect their tax bill to vary significantly. The 25th percentile tax bill is around $1,060, while the 75th percentile tax bill can reach up to $3,810. At the higher end, the 90th percentile tax bill goes up to $4,994. Factors such as property improvements, market conditions, and changes in local government budgets can influence the assessed value and, consequently, the tax bill. Homeowners in Granite Falls should be aware that their property taxes contribute to essential community services like schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Granite Falls' property taxes can vary widely, impacting household budgets and long-term financial planning.
Average Granite Falls Tax Bill
$2,124
Average Chippewa County Tax Bill
$1,622
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Granite Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56241 | $679 | $1,060 | $2,124 | $3,810 | $4,994 |
Source: Ownwell