Kiester, Minnesota Property Taxes
The median property tax rate in Kiester, MN is 1.51%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Kiester at $62,200, the typical annual property tax bill reaches $911, which is below the national median of $2,690. Property taxes in Kiester 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 Kiester'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 Kiester or another part of Faribault County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kiester, 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 Kiester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kiester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kiester 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 Kiester, Minnesota
Property taxes in Kiester, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kiester is 1.51%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Kiester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kiester 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 Kiester's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56051 zip code has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Kiester 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 Kiester Tax Rate
1.51%
Average Faribault County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kiester, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56051 | 0.70% | 1.15% | 1.51% | 1.94% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Kiester, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kiester, MN. 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 Kiester, 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 Kiester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Kiester, the highest and lowest median tax bills are both $911.00, found in the 56051 zip code.
Average Kiester Assessed Value
$62,200
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 Kiester, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56051 | $9,470 | $35,725 | $62,200 | $103,775 | $168,090 |
Source: Ownwell
Property Tax Bills Across Kiester, Minnesota
In Kiester, 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 Kiester is $62,200. Property taxes are determined by multiplying the assessed value by the local tax rate, which can vary depending on the specific location within the county. Homeowners in Kiester can expect their property tax bills to fall within a range, with the 25th percentile at $597 and the 75th percentile at $1,332. For those in the 90th percentile, tax bills can reach up to $1,937. The median property tax bill in Kiester is $911, which is below the national median property tax rate of 0.99%. These property tax bills directly impact homeowners by influencing their overall housing costs. Understanding these factors helps homeowners budget effectively and anticipate their annual property tax obligations.
Average Kiester Tax Bill
$911
Average Faribault County Tax Bill
$1,105
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kiester, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56051 | $220 | $597 | $911 | $1,332 | $1,937 |
Source: Ownwell