Kenyon, Minnesota Property Taxes
The median property tax rate in Kenyon, MN is 0.75%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $334,100 in Kenyon, the typical annual property tax bill amounts to $2,404, falling short of the national median of $2,690. Property taxes in Kenyon are determined based on the tax assessed value, which is generally lower than the market value, thanks to various exemptions such as those for primary residences and agricultural properties. Gaining a comprehensive understanding of Kenyon's property tax system, exploring available exemptions, and identifying potential reductions can result in substantial annual savings. Whether residing in the heart of Kenyon or its surrounding areas, grasping the intricacies of the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Kenyon, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$2,506
Ownwell’s Kenyon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kenyon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kenyon 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 Kenyon, Minnesota
Property taxes in Kenyon, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kenyon is 0.75%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Kenyon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kenyon 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 Kenyon's effective property tax rate to other regions in Minnesota and the national median. For comparison, the zip code 55946 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Kenyon provides valuable insights into the varying tax landscape across Dodge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kenyon Tax Rate
0.75%
Average Dodge County Tax Rate
1.28%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kenyon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55946 | 0.26% | 0.43% | 0.75% | 0.82% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Kenyon, Minnesota
In Kenyon, 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 Dodge 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 Kenyon, 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 Kenyon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,404, found in ZIP code 55946.
Average Kenyon Assessed Value
$334,100
Average Dodge County Assessed Value
$291,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kenyon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55946 | $122,360 | $304,450 | $334,100 | $604,150 | $1,966,860 |
Source: Ownwell
Property Tax Bills Across Kenyon, Minnesota
In Kenyon, located in Dodge County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Kenyon is $334,100. Homeowners can expect their tax bill to vary widely, with the 25th percentile tax bill at $2,158 and the 75th percentile reaching $3,079. For those at the high end, the 90th percentile tax bill can be as much as $5,022. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. This rate is influenced by various factors, including local government budgets, school funding needs, and public services. Homeowners in Kenyon face a property tax rate that is competitive compared to the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as property taxes directly impact their annual expenses. Higher property values and tax rates can result in significantly higher tax bills, affecting overall housing affordability.
Average Kenyon Tax Bill
$2,404
Average Dodge County Tax Bill
$3,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kenyon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55946 | $1,075 | $2,158 | $2,404 | $3,079 | $5,022 |
Source: Ownwell