Goodridge, Minnesota Property Taxes
The median property tax rate in Goodridge, MN is 0.80%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Goodridge at $175,000, the typical annual property tax bill reaches $1,514, which is below the national median of $2,690. Property taxes in Goodridge 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 Goodridge'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 Goodridge 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
Goodridge, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,400
Ownwell’s Goodridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goodridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goodridge 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 Goodridge, Minnesota
Property taxes in Goodridge, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodridge is 0.80%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Goodridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodridge 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 Goodridge's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56725 has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Goodridge provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goodridge Tax Rate
0.80%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goodridge, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56725 | 0.39% | 0.44% | 0.80% | 1.09% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Goodridge, Minnesota
In Goodridge, 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 Marshall 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 Goodridge, 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 Goodridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,514 in zip code 56725, while the lowest is also $1,514 in the same zip code.
Average Goodridge Assessed Value
$175,000
Average Marshall County Assessed Value
$114,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Goodridge, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56725 | $57,400 | $120,300 | $175,000 | $302,000 | $431,400 |
Source: Ownwell
Property Tax Bills Across Goodridge, Minnesota
In Goodridge, located in Marshall 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 property's market value. Homeowners in Goodridge experience property tax rates that are relatively moderate compared to the national median property tax rate of 0.99%. For instance, the median home price in Goodridge is $175,000, leading to a range of tax bills. At the 25th percentile, homeowners might pay around $712, while those in the 75th percentile could see bills as high as $1,678. The 90th percentile tax bill can go up to $2,470. These variations depend on factors such as property improvements, neighborhood changes, and overall market conditions. For homeowners, understanding these factors is crucial as it directly impacts their annual financial planning and long-term investment in their property.
Average Goodridge Tax Bill
$1,514
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodridge, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56725 | $223 | $712 | $1,514 | $1,678 | $2,470 |
Source: Ownwell