Grandy, Minnesota Property Taxes
The median property tax rate in Grandy, MN is 0.90%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Grandy at $222,850, the typical annual property tax bill amounts to $1,897, falling below the national median of $2,690. Property taxes in Grandy 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 Grandy'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 Grandy or another part of Isanti County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grandy, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$2,006
Ownwell’s Grandy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grandy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grandy 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 Grandy, Minnesota
Property taxes in Grandy, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grandy is 1.05%, higher than both the Minnesota state median of 0.88% and the U.S. national median of 0.99%. Local government entities within Grandy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grandy 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. For comparison, the highest median property tax rate in Minnesota is 1.05%, while the lowest median tax rate is also 1.05%. Understanding how these cities compare with Grandy provides valuable insights into the varying tax landscape across Isanti County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grandy Tax Rate
0.90%
Average Isanti County Tax Rate
0.95%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grandy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55029 | 0.75% | 0.86% | 0.90% | 0.93% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Grandy, Minnesota
In Grandy, 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 Isanti 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. Assessment notices in Grandy 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 Grandy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,897 in zip code 55029.
Average Grandy Assessed Value
$222,850
Average Isanti County Assessed Value
$289,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grandy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55029 | $151,310 | $192,750 | $222,850 | $275,500 | $382,830 |
Source: Ownwell
Property Tax Bills Across Grandy, Minnesota
In Grandy, property tax bills are calculated based on the assessed value of the home, which is determined by the Isanti County assessor's office. The tax rate for the area is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For instance, with a median home price of $222,850, homeowners can expect varying tax bills. The 25th percentile tax bill is around $1,626, while the 75th percentile reaches $2,450, and the 90th percentile can be as high as $3,023. These figures indicate that property taxes in Grandy can significantly impact homeowners, with higher-valued properties shouldering a larger tax burden. Compared to the national median property tax rate of 0.99%, the rates in Grandy reflect the local economic conditions and property values, ensuring that the tax collected supports essential community services and infrastructure.
Average Grandy Tax Bill
$1,897
Average Isanti County Tax Bill
$2,982
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Grandy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55029 | $791 | $1,626 | $1,897 | $2,450 | $3,023 |
Source: Ownwell