Ghent, Minnesota Property Taxes
The median property tax rate in Ghent, MN is 1.22%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Ghent, the typical annual property tax bill reaches $1,614, exceeding the national median of $2,690. Property taxes in Ghent 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 Ghent'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 Ghent 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
Ghent, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$1,964
Ownwell’s Ghent Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ghent with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ghent 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 Ghent, Minnesota
Property taxes in Ghent, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ghent is 1.22%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Ghent set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ghent 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 Ghent's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56239 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Ghent provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ghent Tax Rate
1.22%
Average Lyon County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ghent, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56239 | 0.60% | 0.98% | 1.22% | 1.48% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Ghent, Minnesota
In Ghent, 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 Lyon 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 Ghent, 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 Ghent helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ghent is $161,000, with median tax bills ranging from $1,002 at the 25th percentile to $3,474 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 56239, valued at $1,614.
Average Ghent Assessed Value
$161,000
Average Lyon County Assessed Value
$158,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ghent, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56239 | $43,420 | $98,750 | $161,000 | $220,075 | $317,930 |
Source: Ownwell
Property Tax Bills Across Ghent, Minnesota
In Ghent, located in Lyon County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Ghent is $161,000, and the property tax rate is applied to this value to determine the tax bill. Factors such as property type, location, and any applicable exemptions can influence the final amount. For example, the tax bill at the 25th percentile is $1,002, while at the 75th percentile, it rises to $2,669. The highest median tax bill recorded in the area is $1,614, which is significantly higher than the national median property tax rate of 0.99%. This variation in tax bills affects homeowners by impacting their annual expenses and the overall affordability of owning property in Ghent. Understanding these factors can help homeowners better plan for their financial obligations and potentially explore opportunities for tax relief.
Average Ghent Tax Bill
$1,614
Average Lyon County Tax Bill
$1,794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Ghent, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56239 | $530 | $1,002 | $1,614 | $2,669 | $3,474 |
Source: Ownwell