Goodridge, Minnesota Property Taxes
The median property tax rate in Goodridge, MN is 0.59%, 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 $222,500, the typical annual property tax bill reaches $1,380, well 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 Pennington County, 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
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodridge is 0.59%, 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 56725 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Goodridge provides valuable insights into the varying tax landscape across Pennington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goodridge Tax Rate
0.59%
Average Pennington County Tax Rate
1.13%
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 | 0.42% | 0.45% | 0.59% | 0.94% | 1.59% |
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 Pennington 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 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 zip code 56725 has the highest and lowest median tax bill, both at $1,380.
Average Goodridge Assessed Value
$222,500
Average Pennington County Assessed Value
$156,700
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 | $42,100 | $103,400 | $222,500 | $318,500 | $434,900 |
Source: Ownwell
Property Tax Bills Across Goodridge, Minnesota
In Goodridge, located in Pennington 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 market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Goodridge experience varying tax bills, with the 25th percentile paying around $644, while those in the 75th percentile pay approximately $2,372. At the 90th percentile, the tax bill can reach up to $3,418. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Goodridge's rates provide a competitive landscape for homeowners. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Goodridge Tax Bill
$1,380
Average Pennington County Tax Bill
$1,610
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 | $244 | $644 | $1,380 | $2,372 | $3,418 |
Source: Ownwell