Danvers, Minnesota Property Taxes
The median property tax rate in Danvers, 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 Danvers at $175,550, the typical annual property tax bill reaches $1,577, which is well below the national median of $2,690. Property taxes in Danvers 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 Danvers' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Danvers 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
Danvers, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,229
Ownwell’s Danvers Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Danvers with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Danvers 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 Danvers, Minnesota
Property taxes in Danvers, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Danvers is 0.70%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Danvers set these rates annually, and they can vary across different neighborhoods. Each year, Danvers 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 Danvers' effective property tax rate to other areas in Swift County and the national median. For comparison, the zip code 56231 has both the highest and lowest median property tax rate of 0.70%. Understanding how these areas compare with Danvers provides valuable insights into the varying tax landscape across Swift County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Danvers Tax Rate
0.70%
Average Swift County Tax Rate
0.99%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Danvers, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56231 | 0.27% | 0.49% | 0.70% | 1.55% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Danvers, Minnesota
In Danvers, 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 Swift 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 Danvers, 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 Danvers helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Danvers is $1,577 in zip code 56231, which aligns with the lowest median tax bill, making it essential to explore all available tax relief options.
Average Danvers Assessed Value
$175,550
Average Swift County Assessed Value
$128,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Danvers, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56231 | $6,190 | $96,650 | $175,550 | $526,900 | $1,288,210 |
Source: Ownwell
Property Tax Bills Across Danvers, Minnesota
In Danvers, located in Swift County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $175,550, homeowners can expect variations in their tax bills. The 25th percentile tax bill is around $891, while the 75th percentile tax bill reaches approximately $2,702. At the 90th percentile, the tax bill can be as high as $4,242. These tax bills impact homeowners by influencing their annual financial planning. Comparing this to the national median property tax rate of 0.99%, Danvers' tax rates can be seen as relatively moderate, but they still represent a significant expense for property owners. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Danvers Tax Bill
$1,577
Average Swift County Tax Bill
$1,162
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Danvers, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56231 | $275 | $891 | $1,577 | $2,702 | $4,242 |
Source: Ownwell