Blomkest, Minnesota Property Taxes
The median property tax rate in Blomkest, MN is 0.78%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $154,500 in Blomkest, the typical annual property tax bill amounts to $1,204, significantly below the national median of $2,690. Property taxes in Blomkest are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Blomkest's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Blomkest 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
Blomkest, 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 Blomkest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Blomkest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blomkest 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 Blomkest, Minnesota
Property taxes in Blomkest, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blomkest is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Blomkest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blomkest 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 Blomkest's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56216 has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these cities compare with Blomkest provides valuable insights into the varying tax landscape across Renville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blomkest Tax Rate
0.78%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blomkest, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56216 | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Blomkest, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Blomkest, 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 Renville 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 Blomkest, 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 Blomkest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56216 has both the highest and lowest median tax bill, which is $1,204, reflecting the uniformity in property tax assessments within the area.
Average Blomkest Assessed Value
$154,500
Average Renville County Assessed Value
$142,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blomkest, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56216 | $154,500 | $154,500 | $154,500 | $154,500 | $154,500 |
Source: Ownwell
Property Tax Bills Across Blomkest, Minnesota
In Blomkest, located in Renville County, MN, property tax bills are calculated based on the assessed value of a home. The local tax authority determines this value, which is then multiplied by the local tax rate to calculate the annual property tax bill. The median home price in Blomkest is $154,500, and homeowners can expect a median tax bill of $1,204. This figure remains consistent across various percentiles, indicating a standardized approach to property taxation in this area. Factors such as property improvements, neighborhood developments, and market conditions can influence the assessed value of a home, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Blomkest's rate results in a relatively moderate tax burden for homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly. The uniformity in tax bills across different percentiles also suggests a stable and predictable property tax environment in Blomkest.
Average Blomkest Tax Bill
$1,204
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Blomkest, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56216 | $1,204 | $1,204 | $1,204 | $1,204 | $1,204 |
Source: Ownwell