Cannon Falls, Minnesota Property Taxes
The median property tax rate in Cannon Falls, MN is 1.04%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Cannon Falls at $303,000, the typical annual property tax bill reaches $3,208, surpassing the national median of $2,690. Property taxes in Cannon Falls are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cannon Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cannon Falls or another part of Goodhue County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cannon Falls, 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 Cannon Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cannon Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cannon Falls 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 Cannon Falls, Minnesota
Property taxes in Cannon Falls, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cannon Falls is 1.04%, higher than the U.S. national median of 0.99%. Local government entities within Cannon Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cannon Falls 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 Cannon Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55009 has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Cannon Falls provides valuable insights into the varying tax landscape across Goodhue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cannon Falls Tax Rate
1.04%
Average Goodhue County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cannon Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55009 | 0.68% | 0.79% | 1.04% | 1.21% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Cannon Falls, Minnesota
In Cannon Falls, 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 Goodhue County Assessor 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 Cannon Falls, 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 Cannon Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 55009, with a median tax bill of $3,208.
Property Tax Assessment Values Across Cannon Falls, Minnesota
Source: Ownwell
$146,000
$358,350
$570,700
Average Cannon Falls Assessed Value
$303,000
Average Goodhue County Assessed Value
$266,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cannon Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55009 | $23,750 | $203,950 | $303,000 | $446,275 | $608,100 |
Source: Ownwell
Property Tax Bills Across Cannon Falls, Minnesota
In Cannon Falls, located in Goodhue County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $303,000, homeowners can expect varying tax bills depending on specific property characteristics and exemptions. Factors such as property size, location, and any improvements made can influence the assessed value. In Cannon Falls, the 25th percentile tax bill is approximately $2,400, while the 75th percentile tax bill rises to around $4,218. Homeowners at the 90th percentile face tax bills as high as $5,619. The property tax rate in Cannon Falls is competitive when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their tax obligations and budget accordingly, ensuring they are prepared for their annual property tax bills.
Average Cannon Falls Tax Bill
$3,208
Average Goodhue County Tax Bill
$3,110
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cannon Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55009 | $1,417 | $2,400 | $3,208 | $4,218 | $5,619 |
Source: Ownwell