Blue Earth, Minnesota Property Taxes
The median property tax rate in Blue Earth, MN is 0.76%, which is considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Blue Earth at $303,550, the typical annual property tax bill reaches $2,265, which is below the national median of $2,690. Property taxes in Blue Earth 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 Blue Earth'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 Blue Earth 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
Blue Earth, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,307
Ownwell’s BLUE EARTH Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in BLUE EARTH with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in BLUE EARTH to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of your potential tax liabilities. If you’re curious about trends in specific neighborhoods, scroll down for more localized insights. Your property’s assessed value, determined by the county, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Blue Earth, Minnesota
Property taxes in Blue Earth, MN, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blue Earth is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Blue Earth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blue Earth 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 Blue Earth's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56013 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Blue Earth provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blue Earth Tax Rate
0.76%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blue Earth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56013 | 0.29% | 0.47% | 0.76% | 0.94% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Blue Earth, Minnesota
In Blue Earth, 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 Martin County Assessor 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 Blue Earth, 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 Blue Earth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56013 has the highest and lowest median tax bills, both at $2,265.
Average Blue Earth Assessed Value
$303,550
Average Martin County Assessed Value
$139,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blue Earth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56013 | $152,700 | $211,750 | $303,550 | $1,008,350 | $1,640,910 |
Source: Ownwell
Property Tax Bills Across Blue Earth, Minnesota
In Blue Earth, located in Martin County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Blue Earth, the median home price stands at $303,550. The property tax rate in this area is notably higher than the national median of 0.99%. Tax bills in Blue Earth vary widely, with the 25th percentile at $1,778, the 75th percentile at $4,345, and the 90th percentile reaching up to $5,726. These property taxes significantly impact homeowners, as they must budget for these annual costs. Understanding how these taxes are calculated can help homeowners plan their finances more effectively and potentially seek ways to reduce their tax burden through appeals or exemptions.
Average Blue Earth Tax Bill
$2,265
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Blue Earth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56013 | $1,069 | $1,778 | $2,265 | $4,345 | $5,726 |
Source: Ownwell