Kenyon, Minnesota Property Taxes
The median property tax rate in Kenyon, MN is 0.78%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Kenyon, the typical annual property tax bill reaches $1,828, falling below the national median of $2,690. Property taxes in Kenyon 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 Kenyon'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 Kenyon 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
Kenyon, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,693
Ownwell’s Kenyon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kenyon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kenyon 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 Kenyon, Minnesota
Property taxes in Kenyon, Minnesota, play a crucial role in supporting essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kenyon is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Kenyon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kenyon 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 Kenyon's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55946 zip code has both the highest and lowest median property tax rate at 0.78%. Understanding how these cities compare with Kenyon provides valuable insights into the varying tax landscape across Steele County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kenyon Tax Rate
0.78%
Average Steele County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kenyon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55946 | 0.74% | 0.75% | 0.78% | 1.57% | 3.00% |
Source: Ownwell
Property Tax Assessment Values Across Kenyon, Minnesota
In Kenyon, 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 Steele 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 Kenyon, 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 Kenyon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Kenyon are both $1,828, found in zip code 55946.
Average Kenyon Assessed Value
$217,100
Average Steele County Assessed Value
$246,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kenyon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55946 | $139,200 | $176,900 | $217,100 | $246,700 | $249,200 |
Source: Ownwell
Property Tax Bills Across Kenyon, Minnesota
In Kenyon, Steele County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. Homeowners in Kenyon can expect a median home price of $217,100, which serves as a baseline for calculating property taxes. The tax rate is applied to this assessed value to determine the annual tax bill. For example, homes in the 25th percentile have tax bills around $1,549, while those in the 75th percentile face bills closer to $4,219. At the 90th percentile, homeowners might see tax bills as high as $5,788. These tax bills fund essential local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Kenyon's tax rates can significantly impact a homeowner's annual expenses, influencing decisions on home ownership and budgeting within the community.
Average Kenyon Tax Bill
$1,828
Average Steele County Tax Bill
$2,874
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kenyon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55946 | $1,396 | $1,549 | $1,828 | $4,219 | $5,788 |
Source: Ownwell