Pine Island, Minnesota Property Taxes
The median property tax rate in Pine Island, MN is 1.45%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Pine Island, the typical annual property tax bill reaches $3,897, exceeding the national median of $2,690. Property taxes in Pine Island 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 Pine Island'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 Pine Island 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
Pine Island, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$4,169
Ownwell’s Pine Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pine Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pine Island 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 Pine Island, Minnesota
Property taxes in Pine Island, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pine Island is 1.45%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Pine Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pine Island 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 Pine Island's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55963 has the highest and lowest median property tax rate of 1.45%. Understanding how these areas compare with Pine Island 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 Pine Island Tax Rate
1.45%
Average Goodhue County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pine Island, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55963 | 0.78% | 1.22% | 1.45% | 1.54% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Pine Island, Minnesota
In Pine Island, 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 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 Pine Island, 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. The median home price here is $287,500, with tax bills ranging from $2,731 at the 25th percentile to $6,627 at the 90th percentile. 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 Pine Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pine Island Assessed Value
$287,500
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 Pine Island, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55963 | $90,340 | $196,600 | $287,500 | $383,150 | $516,620 |
Source: Ownwell
Property Tax Bills Across Pine Island, Minnesota
In Pine Island, located in Goodhue County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For example, with a median home price of $287,500, homeowners can expect varying tax bills depending on their property's assessed value and specific local rates. Several factors influence the final tax bill, including the property's location within the city, any applicable exemptions, and improvements or changes to the property. Homeowners in Pine Island may see tax bills ranging from the 25th percentile at $2,731 to the 90th percentile at $6,627, with a median tax bill of $3,897. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting community quality and home values.
Average Pine Island Tax Bill
$3,897
Average Goodhue County Tax Bill
$3,110
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Pine Island, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55963 | $1,893 | $2,731 | $3,897 | $5,316 | $6,627 |
Source: Ownwell