Paynesville, Minnesota Property Taxes
The median property tax rate in Paynesville, MN is 0.73%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Paynesville at $368,200, the typical annual property tax bill reaches $2,746, which is slightly above the national median of $2,690. Property taxes in Paynesville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Paynesville'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 Paynesville 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
Paynesville, 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 Paynesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paynesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paynesville 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 Paynesville, Minnesota
Property taxes in Paynesville, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paynesville is 0.73%, significantly lower than the U.S. national median of 0.99%. Local government entities within Paynesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paynesville 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 Paynesville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56362 zip code has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Paynesville 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 Paynesville Tax Rate
0.73%
Average Kandiyohi County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paynesville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56362 | 0.40% | 0.46% | 0.73% | 0.94% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Paynesville, Minnesota
In Paynesville, 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 Paynesville, 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. In Paynesville, the median home price is $368,200, and the property tax bill can vary significantly, with the 25th percentile at $1,668 and the 75th percentile at $3,691. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Paynesville, Minnesota
Source: Ownwell
$150,200
$1,044,050
$1,937,900
Average Paynesville Assessed Value
$368,200
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 Paynesville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56362 | $161,620 | $259,600 | $368,200 | $593,300 | $891,680 |
Source: Ownwell
Property Tax Bills Across Paynesville, Minnesota
In Paynesville, located in 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 and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and improvements. For example, the median home price in Paynesville is $368,200. Homeowners in the 25th percentile pay around $1,668, while those in the 75th percentile see bills closer to $3,691. The top 10% of homeowners face tax bills as high as $4,646. These property taxes are essential for funding local services such as schools, infrastructure, and public safety. However, they can significantly impact homeowners' budgets, especially when compared to the national median property tax rate of 0.99%. Understanding how these taxes are calculated helps homeowners better manage their finances and plan for future expenses.
Average Paynesville Tax Bill
$2,746
Average Kandiyohi County Tax Bill
$2,360
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Paynesville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56362 | $1,194 | $1,668 | $2,746 | $3,691 | $4,646 |
Source: Ownwell