Blue Earth, Minnesota Property Taxes
The median property tax rate in Blue Earth, MN is 1.06%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $121,700 in Blue Earth, the typical annual property tax bill amounts to $1,320, which is below the national median of $2,690. Property taxes in Blue Earth are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Blue Earth's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Blue Earth or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Blue Earth, 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 Blue Earth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Blue Earth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blue Earth 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 Blue Earth, Minnesota
Property taxes in Blue Earth, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blue Earth is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Blue Earth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blue Earth 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 Blue Earth's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 56013 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these figures compare with Blue Earth provides valuable insights into the varying tax landscape across Faribault County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blue Earth Tax Rate
1.06%
Average Faribault County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blue Earth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56013 | 0.56% | 0.75% | 1.06% | 1.48% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Blue Earth, Minnesota
In Blue Earth, 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 Faribault 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 Blue Earth, 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 Blue Earth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1,320 in the 56013 zip code, reflecting the broader trends within the area.
Average Blue Earth Assessed Value
$121,700
Average Faribault County Assessed Value
$99,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blue Earth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56013 | $28,960 | $72,350 | $121,700 | $188,875 | $317,900 |
Source: Ownwell
Property Tax Bills Across Blue Earth, Minnesota
In Blue Earth, located in Faribault 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 Blue Earth is $121,700, and the property tax rate aligns closely with the national median of 0.99%. The tax bill for homeowners varies significantly depending on several factors, including the value of the property and applicable exemptions. For instance, the 25th percentile tax bill is $714, while the 75th percentile reaches $2,048, and the 90th percentile can go up to $3,048. These variations illustrate how property values and local tax policies impact the financial obligations of homeowners. Even within the same zip code, the median tax bill can fluctuate, with the highest and lowest median tax bills both recorded at $1,320. Understanding these factors helps homeowners anticipate their annual tax responsibilities and plan their finances accordingly.
Average Blue Earth Tax Bill
$1,320
Average Faribault County Tax Bill
$1,105
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Blue Earth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56013 | $300 | $714 | $1,320 | $2,048 | $3,048 |
Source: Ownwell