Spicer, Minnesota Property Taxes
The median property tax rate in Spicer, MN is 1.01%, 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 Spicer at $342,100, the typical annual property tax bill reaches $3,671, significantly exceeding the national median of $2,690. Property taxes in Spicer 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 Spicer'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 Spicer 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
Spicer, 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 Spicer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spicer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spicer 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 Spicer, Minnesota
Property taxes in Spicer, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spicer is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Spicer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spicer 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 Spicer's effective property tax rate to other areas and the national median. For comparison, the zip code 56288 has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these areas compare with Spicer 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 Spicer Tax Rate
1.01%
Average Kandiyohi County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spicer, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56288 | 0.83% | 0.91% | 1.01% | 1.22% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Spicer, Minnesota
In Spicer, 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 Spicer, 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 in Spicer is $342,100, with tax bills ranging from $2,224 at the 25th percentile to $8,426 at the 90th percentile. The highest and lowest median tax bill, both $3,671, are found in the 56288 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spicer Assessed Value
$342,100
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 Spicer, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56288 | $86,120 | $202,500 | $342,100 | $560,100 | $828,640 |
Source: Ownwell
Property Tax Bills Across Spicer, Minnesota
In Spicer, located in Kandiyohi County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Spicer is $342,100, which is a significant factor in determining the tax bill. The local property tax rate is applied to the assessed value to calculate the annual tax bill. For instance, homeowners in the 25th percentile pay around $2,224, while those in the 75th percentile face bills closer to $5,542. Several factors influence the assessed value, including the property's market value, location, and any improvements made. Homeowners in Spicer may find their tax bills varying significantly, with the 90th percentile paying as much as $8,426 annually. This variability can impact household budgets, making it crucial for homeowners to understand how their property is assessed and to explore any available exemptions or appeals. Comparatively, Spicer's property tax rates and bills reflect the local economic conditions and housing market, impacting homeowners differently across the spectrum.
Average Spicer Tax Bill
$3,671
Average Kandiyohi County Tax Bill
$2,360
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Spicer, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56288 | $851 | $2,224 | $3,671 | $5,542 | $8,426 |
Source: Ownwell