Mc Grath, Minnesota Property Taxes
The median property tax rate in MC GRATH, MN is 0.50%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in MC GRATH, the typical annual property tax bill reaches $2,063, which is below the national median of $2,690. Property taxes in MC GRATH 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 MC GRATH'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 MC GRATH 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
Mc Grath, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$2,117
Ownwell’s MC GRATH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC GRATH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC GRATH 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 Mc Grath, Minnesota
Property taxes in MC GRATH, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC GRATH is 0.50%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within MC GRATH set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC GRATH 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 MC GRATH's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56350 has both the highest and the lowest median property tax rate of 0.50%, illustrating a uniform tax rate across different areas within the same region. Understanding how these areas compare with MC GRATH provides valuable insights into the varying tax landscape across Pine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Grath Tax Rate
0.50%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Grath, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56350 | 0.35% | 0.41% | 0.50% | 0.60% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Mc Grath, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in McGrath, Minnesota. 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 Pine 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. 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. In McGrath, the median home price stands at $423,450. The tax bill for the 25th percentile is $1,754, while the 75th percentile sees a tax bill of $2,372. The 90th percentile tax bill is $2,557. The zip code with the highest and lowest median tax bill, both at $2,063, is 56350. Being aware of these valuation processes in McGrath helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mc Grath Assessed Value
$423,450
Average Pine County Assessed Value
$174,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Grath, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56350 | $395,570 | $406,025 | $423,450 | $440,875 | $451,330 |
Source: Ownwell
Property Tax Bills Across Mc Grath, Minnesota
In McGrath, located in Pine County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The process begins with the county assessor determining the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $423,450, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. The tax bill for the 25th percentile is $1,754, while those in the 75th percentile pay around $2,372. Homeowners in the 90th percentile face a tax bill of approximately $2,557. These figures indicate that property taxes in McGrath are relatively moderate compared to the national median property tax rate of 0.99%. Factors like property improvements, location, and market trends can influence the assessed value, affecting the overall tax bill. Understanding these elements helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Mc Grath Tax Bill
$2,063
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Grath, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56350 | $1,569 | $1,754 | $2,063 | $2,372 | $2,557 |
Source: Ownwell