Twin Valley, Minnesota Property Taxes
The median property tax rate in Twin Valley, MN is 0.54%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Twin Valley, the typical annual property tax bill reaches $3,504, which surpasses the national median of $2,690. Property taxes in Twin Valley 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 Twin Valley'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 Twin Valley 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
Twin Valley, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$4,167
Ownwell’s Twin Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Twin Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Twin Valley 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 Twin Valley, Minnesota
Property taxes in Twin Valley, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Twin Valley is 1.13%, significantly higher than both the Minnesota state median of 1.02% and the U.S. national median of 0.99%. Local government entities within Twin Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Twin Valley 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 Twin Valley's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56584 has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Twin Valley provides valuable insights into the varying tax landscape across Norman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Twin Valley Tax Rate
0.54%
Average Clay County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Twin Valley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56584 | 0.49% | 0.54% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Twin Valley, Minnesota
In Twin Valley, 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 Twin Valley, 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. For instance, the highest median tax bill in Twin Valley is $3,504 in the 56584 zip code, which is also the lowest median 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 Twin Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Twin Valley, Minnesota
Source: Ownwell
$124,300
$629,250
$1,134,200
Average Twin Valley Assessed Value
$771,700
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 Twin Valley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56584 | $348,480 | $574,800 | $771,700 | $775,800 | $803,280 |
Source: Ownwell
Property Tax Bills Across Twin Valley, Minnesota
In Twin Valley, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office in Clay County. The assessed value is a percentage of the market value of the property. This value is then multiplied by the local tax rate, which varies depending on the specific needs and budget requirements of the local government and school districts. Several factors influence the assessed value, including the property's location, size, age, and overall condition. Homeowners in Twin Valley can expect their tax bills to fall within a range, with the 25th percentile at $3,100 and the 75th percentile at $4,182. The highest median tax bill recorded in the area is $3,504, which is above the national median property tax rate of 0.99%. For homeowners, these property tax bills represent a significant annual expense that directly impacts their cost of living. It's essential to stay informed about how these values are determined and to explore potential exemptions or appeals if the assessed value seems inaccurate.
Average Twin Valley Tax Bill
$3,504
Average Clay County Tax Bill
$3,042
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Twin Valley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56584 | $1,880 | $3,100 | $3,504 | $4,182 | $4,331 |
Source: Ownwell