Granite Falls, Minnesota Property Taxes
The median property tax rate in Granite Falls, MN is 0.70%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Granite Falls at $249,300, the typical annual property tax bill reaches $1,720, which is below the national median of $2,690. Property taxes in Granite Falls 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 Granite Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Granite Falls 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
Granite Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,745
Ownwell’s Granite Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Granite Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Granite Falls 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 Granite Falls, Minnesota
Property taxes in Granite Falls, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Granite Falls is 1.14%, significantly higher than both the Minnesota state median of 1.00% and the U.S. national median of 0.99%. Local government entities within Granite Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Granite Falls 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 Granite Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in the region is also 1.14%, found in the same zip code of 56241, while the lowest median tax rate is similarly 1.14%, also in 56241. Understanding how these cities compare with Granite Falls 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 Granite Falls Tax Rate
0.70%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Granite Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56241 | 0.23% | 0.43% | 0.70% | 0.75% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Granite Falls, Minnesota
In Granite Falls, 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 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 Granite Falls, 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 Granite Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Granite Falls, the median home price is $249,300, with the highest and lowest median tax bills both recorded at $1,720 in the 56241 zip code.
Property Tax Assessment Values Across Granite Falls, Minnesota
Source: Ownwell
$75,700
$568,450
$1,061,200
Average Granite Falls Assessed Value
$249,300
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 Granite Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56241 | $122,900 | $198,100 | $249,300 | $343,500 | $984,400 |
Source: Ownwell
Property Tax Bills Across Granite Falls, Minnesota
In Granite Falls, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the Renville County assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Key factors influencing the assessed value include the home's market value, location, and any improvements or renovations made to the property. For example, with a median home price of $249,300, homeowners in Granite Falls can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $1,290, while the 75th percentile tax bill is approximately $2,689. Those at the 90th percentile can see bills as high as $3,690. Compared to the national median property tax rate of 0.99%, Granite Falls' property taxes can be seen as relatively moderate, but they still represent a significant expense for homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Granite Falls Tax Bill
$1,720
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Granite Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56241 | $728 | $1,290 | $1,720 | $2,689 | $3,690 |
Source: Ownwell