Campbell, Minnesota Property Taxes
The median property tax rate in Campbell, MN is 1.02%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Campbell at $78,600, the typical annual property tax bill amounts to $795, which is below the national median of $2,690. Property taxes in Campbell are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Campbell'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 Campbell 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
Campbell, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$802
Ownwell’s Campbell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Campbell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Campbell 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 Campbell, Minnesota
Property taxes in Campbell, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Campbell is 1.02%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Campbell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Campbell 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 Campbell's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 56522 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Campbell provides valuable insights into the varying tax landscape across Wilkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Campbell Tax Rate
1.02%
Average Wilkin County Tax Rate
0.90%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Campbell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56522 | 0.50% | 0.74% | 1.02% | 1.49% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Campbell, Minnesota
In Campbell, 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 local 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 Campbell, 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. The median home price in Campbell is $78,600, with tax bills ranging from $380 at the 25th percentile to $2,024 at the 90th percentile. The highest and lowest median tax bills both stand at $795 in zip code 56522. 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 Campbell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Campbell Assessed Value
$78,600
Average Wilkin County Assessed Value
$164,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Campbell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56522 | $11,780 | $29,725 | $78,600 | $193,125 | $312,660 |
Source: Ownwell
Property Tax Bills Across Campbell, Minnesota
In Campbell, Wilkin 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 property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For example, with a median home price of $78,600 in Campbell, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $380, while at the 75th percentile, they can reach up to $1,373. The 90th percentile sees tax bills as high as $2,024. These variations highlight how property tax bills can differ widely based on the assessed value and specific property characteristics. Compared to the national median property tax rate of 0.99%, Campbell's tax rate results in relatively moderate tax bills, providing some financial relief to homeowners. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Campbell Tax Bill
$795
Average Wilkin County Tax Bill
$1,424
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Campbell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56522 | $160 | $380 | $795 | $1,373 | $2,024 |
Source: Ownwell