Garretson, Minnesota Property Taxes
The median property tax rate in Garretson, MN is 0.47%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Garretson at $380,500, the typical annual property tax bill amounts to $1,888, which is well below the national median of $2,690. Property taxes in Garretson are calculated based on the tax assessed value, which is usually less than the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Garretson'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 Garretson or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Garretson, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$1,788
Ownwell’s Garretson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garretson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garretson 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 Garretson, Minnesota
Property taxes in Garretson, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garretson is 0.47%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Garretson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garretson 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 Garretson's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 57030 has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Garretson provides valuable insights into the varying tax landscape across Rock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garretson Tax Rate
0.47%
Average Rock County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garretson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 57030 | 0.42% | 0.46% | 0.47% | 0.54% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Garretson, Minnesota
In Garretson, 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 Rock 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 Garretson, 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 Garretson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Garretson are both $1,888, found in the 57030 zip code.
Average Garretson Assessed Value
$380,500
Average Rock County Assessed Value
$166,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garretson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 57030 | $261,520 | $308,200 | $380,500 | $459,100 | $505,300 |
Source: Ownwell
Property Tax Bills Across Garretson, Minnesota
Property tax bills in Garretson, Rock County, MN, are calculated based on the assessed value of a property and the local tax rate. This assessed value is determined by the county assessor, who evaluates the market value of the property. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood trends, and market conditions can influence the assessed value. In Garretson, the median home price is $380,500. Homeowners in the 25th percentile of tax bills pay around $1,756 annually, while those in the 75th percentile pay about $2,500. The 90th percentile sees tax bills around $2,516. Although the city’s median tax bill of $1,888 is slightly above the national median property tax rate of 0.99%, it reflects the local economic conditions and property values. These property taxes fund essential public services, impacting homeowners by supporting local schools, infrastructure, and emergency services.
Average Garretson Tax Bill
$1,888
Average Rock County Tax Bill
$1,430
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Garretson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 57030 | $1,238 | $1,756 | $1,888 | $2,500 | $2,516 |
Source: Ownwell