Glenwood, Minnesota Property Taxes
The median property tax rate in Glenwood, MN is 1.03%, slightly above the national median of 0.99% but below the Minnesota state median of 1.11%. With the median home value in Glenwood at $311,350, the typical annual property tax bill amounts to $3,003, surpassing the national median of $2,690. Property taxes in Glenwood are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Glenwood'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 Glenwood 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
Glenwood, 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 Glenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glenwood 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 Glenwood, Minnesota
Property taxes in Glenwood, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Glenwood is 1.03%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Glenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glenwood 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 Glenwood's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56334 zip code has the highest median property tax rate of 1.03%, while the 56334 zip code also has the lowest median tax rate of 1.03%. Understanding how these areas compare with Glenwood provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glenwood Tax Rate
1.03%
Average Douglas County Tax Rate
0.86%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glenwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56334 | 0.77% | 0.85% | 1.03% | 1.19% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Glenwood, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Glenwood, Minnesota. 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 Douglas County Assessor's Office 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 Glenwood, 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 Glenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Glenwood is $311,350, with annual tax bills ranging from $1,308 at the 25th percentile to $5,644 at the 90th percentile. The highest and lowest median tax bills are both $3,003 in the 56334 zip code.
Average Glenwood Assessed Value
$311,350
Average Douglas County Assessed Value
$264,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glenwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56334 | $24,100 | $126,725 | $311,350 | $436,325 | $642,770 |
Source: Ownwell
Property Tax Bills Across Glenwood, Minnesota
In Glenwood, MN, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The tax rate for Douglas County is applied to this assessed value to determine the annual tax bill. Homeowners in Glenwood can expect a wide range of tax bills depending on their property's assessed value. For example, the 25th percentile tax bill is $1,308, while the 75th percentile tax bill reaches $4,466, and the 90th percentile tax bill can be as high as $5,644. These figures show a significant disparity, influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Glenwood's tax burdens can be substantial, especially for higher-valued properties. This variability in tax bills impacts homeowners differently, with some facing higher financial obligations. The highest and lowest median tax bills in the area are both $3,003, indicating a consistent median tax burden within the zip code 56334.
Average Glenwood Tax Bill
$3,003
Average Douglas County Tax Bill
$2,330
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Glenwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56334 | $332 | $1,308 | $3,003 | $4,466 | $5,644 |
Source: Ownwell