Georgetown, Minnesota Property Taxes
The median property tax rate in Georgetown, MN is 0.62%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Georgetown, the typical annual property tax bill reaches $2,093, which is below the national median of $2,690. Property taxes in Georgetown 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 Georgetown'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 Georgetown 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
Georgetown, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,882
Ownwell’s Georgetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Georgetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Georgetown 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 Georgetown, Minnesota
Property taxes in Georgetown, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Georgetown is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Georgetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Georgetown 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. For comparison, the zip code 56546 in Clay County has the same median property tax rate of 0.62%. Understanding how these areas compare with Georgetown provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Georgetown Tax Rate
0.62%
Average Clay County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Georgetown, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56546 | 0.26% | 0.39% | 0.62% | 0.99% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Georgetown, Minnesota
In Georgetown, 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 Clay 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 Georgetown, 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 Georgetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,093, found in the 56546 zip code, while the lowest median tax bill is also $2,093 in the same zip code.
Property Tax Assessment Values Across Georgetown, Minnesota
Source: Ownwell
$124,300
$629,250
$1,134,200
Average Georgetown Assessed Value
$303,600
Average Clay County Assessed Value
$240,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Georgetown, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56546 | $26,400 | $119,300 | $303,600 | $714,900 | $1,137,660 |
Source: Ownwell
Property Tax Bills Across Georgetown, Minnesota
In Georgetown, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of your property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Georgetown, the median home price is $303,600, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $715, while at the 75th percentile, it climbs to $3,316. At the 90th percentile, some homeowners may pay as much as $5,814 annually. Compared to the national median property tax rate of 0.99%, Georgetown's rates can be both lower and higher, depending on the specific property and its assessed value. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Georgetown Tax Bill
$2,093
Average Clay County Tax Bill
$3,042
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Georgetown, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56546 | $192 | $715 | $2,093 | $3,316 | $5,814 |
Source: Ownwell