Grove City, Minnesota Property Taxes
The median property tax rate in Grove City, MN is 0.39%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Grove City at $710,400, the typical annual property tax bill reaches $2,776, which is just above the national median of $2,690. Property taxes in Grove City 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 Grove City'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 Grove City 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
Grove City, 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 Grove City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grove City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grove City 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 Grove City, Minnesota
Property taxes in Grove City, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grove City is 0.39%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Grove City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grove City 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. Understanding how Grove City's effective property tax rate compares to other regions in Minnesota and the national median provides valuable insights into the varying tax landscape across Kandiyohi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grove City Tax Rate
0.39%
Average Kandiyohi County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grove City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56243 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Grove City, Minnesota
In Grove City, 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 Kandiyohi 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 Grove City, 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 Grove City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56243 at $2,776, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Grove City, Minnesota
Source: Ownwell
$150,200
$1,044,050
$1,937,900
Average Grove City Assessed Value
$710,400
Average Kandiyohi County Assessed Value
$222,850
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grove City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56243 | $710,400 | $710,400 | $710,400 | $710,400 | $710,400 |
Source: Ownwell
Property Tax Bills Across Grove City, Minnesota
In Grove City, Kandiyohi 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, who evaluates the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $710,400, homeowners in Grove City can expect a median property tax bill of $2,776. This figure is consistent across different percentiles, indicating a uniform tax rate application. Several factors influence the final tax bill, including property improvements, market fluctuations, and local government budgets. Homeowners should be aware that any changes in these factors can affect their assessed value and, consequently, their tax bill. Compared to the national median property tax rate of 0.99%, Grove City's tax rate results in a relatively moderate tax burden for homeowners. This consistency provides a predictable financial outlook, helping residents plan their finances more effectively.
Average Grove City Tax Bill
$2,776
Average Kandiyohi County Tax Bill
$2,360
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Grove City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56243 | $2,776 | $2,776 | $2,776 | $2,776 | $2,776 |
Source: Ownwell