Glencoe, Minnesota Property Taxes
The median property tax rate in Glencoe, MN is 1.50%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Glencoe, the typical annual property tax bill reaches $512, falling below the national median of $2,690. Property taxes in Glencoe 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 Glencoe'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 Glencoe 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
Glencoe, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$516
Ownwell’s Glencoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glencoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glencoe 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 Glencoe, Minnesota
Property taxes in Glencoe, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glencoe is 1.50%, significantly higher than the U.S. national median of 0.99%. Local government entities within Glencoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glencoe 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 Glencoe's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55336 has the highest median property tax rate of 1.50%, while the same zip code also has the lowest median tax rate of 1.50%. Understanding how these areas compare with Glencoe provides valuable insights into the varying tax landscape across McLeod County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glencoe Tax Rate
1.50%
Average Mcleod County Tax Rate
1.47%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glencoe, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55336 | 0.83% | 1.15% | 1.50% | 1.82% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Glencoe, Minnesota
In Glencoe, 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 McLeod 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 Glencoe, 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 Glencoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Glencoe, the median home price is $34,400, with median tax bills ranging from $380 at the 25th percentile to $1,033 at the 90th percentile. The highest and lowest median tax bills are both $512 in the 55336 zip code.
Average Glencoe Assessed Value
$34,400
Average Mcleod County Assessed Value
$25,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glencoe, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55336 | $2,370 | $20,900 | $34,400 | $49,075 | $89,460 |
Source: Ownwell
Property Tax Bills Across Glencoe, Minnesota
In Glencoe, McLeod County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in Glencoe is $34,400, which serves as a baseline for determining property taxes. The tax rate is applied to this assessed value to calculate the annual tax bill. Various factors influence this calculation, including the property’s location, size, and any applicable exemptions or deductions. Homeowners in Glencoe can expect their tax bills to vary. For instance, the 25th percentile tax bill is $380, while the 75th percentile tax bill is $656. At the higher end, the 90th percentile tax bill reaches $1,033. These variations highlight how different factors, such as property improvements or changes in market conditions, can impact the final tax amount. Compared to the national median property tax rate of 0.99%, Glencoe’s property tax bills reflect the local economic environment and property values. This system ensures that property taxes are proportionate to the value of the property, affecting homeowners’ annual financial planning and budget.
Average Glencoe Tax Bill
$512
Average Mcleod County Tax Bill
$460
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Glencoe, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55336 | $322 | $380 | $512 | $656 | $1,033 |
Source: Ownwell