Shelly, Minnesota Property Taxes
The median property tax rate in Shelly, MN is 1.19%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Shelly, the typical annual property tax bill reaches $596, which is significantly lower than the national median of $2,690. Property taxes in Shelly are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Shelly'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 Shelly or another part of Norman County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shelly, 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 Shelly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shelly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shelly 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 Shelly, Minnesota
Property taxes in Shelly, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelly is 1.19%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Shelly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelly 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 Shelly's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56581 zip code has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Shelly provides valuable insights into the varying tax landscape across Norman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shelly Tax Rate
1.19%
Average Norman County Tax Rate
1.16%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shelly, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56581 | 0.71% | 1.09% | 1.19% | 1.38% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Shelly, Minnesota
In Shelly, 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 Norman 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 Shelly, 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 Shelly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $596.00 in the zip code 56581.
Average Shelly Assessed Value
$52,500
Average Norman County Assessed Value
$94,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shelly, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56581 | $2,800 | $23,800 | $52,500 | $105,350 | $146,900 |
Source: Ownwell
Property Tax Bills Across Shelly, Minnesota
In Shelly, Norman 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, who evaluates the property's market value. This assessed value is then multiplied by the tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's location, size, condition, and recent sales of similar properties in the area. Homeowners in Shelly experience varying tax bills, with the 25th percentile paying around $358 annually, while those in the 75th percentile pay approximately $1,080. At the 90th percentile, the tax bill can reach up to $1,493. Comparatively, the median property tax rate in Shelly aligns closely with the national median of 0.99%. These property taxes fund essential local services like schools, infrastructure, and emergency services, directly impacting the quality of life for Shelly residents. Thus, understanding property tax calculations helps homeowners anticipate their financial obligations and the benefits they receive in return.
Average Shelly Tax Bill
$596
Average Norman County Tax Bill
$979
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelly, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56581 | $36 | $358 | $596 | $1,080 | $1,493 |
Source: Ownwell