Belview, Minnesota Property Taxes
The median property tax rate in Belview, MN is 0.55%, significantly lower than both the national median of 0.99% and Minnesota's state median of 1.11%. With a median home value of $299,800 in Belview, the typical annual property tax bill amounts to $1,832, which is well below the national median of $2,690. Property taxes in Belview are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Belview'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 Belview or another part of Yellow Medicine County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belview, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,649
Ownwell’s Belview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belview 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 Belview, Minnesota
Property taxes in Belview, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belview is 1.11%, higher than both the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Belview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belview 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 Belview's effective property tax rate to other areas in Yellow Medicine County and the national median. For comparison, the 56214 zip code has the highest median property tax rate of 1.11%, while the same 56214 zip code has the lowest median tax rate of 1.11%. Understanding how these areas compare with Belview provides valuable insights into the varying tax landscape across Yellow Medicine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belview Tax Rate
0.55%
Average Yellow Medicine County Tax Rate
1.38%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belview, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56214 | 0.19% | 0.27% | 0.55% | 0.74% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Belview, Minnesota
In Belview, 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 Yellow Medicine 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 Belview, 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 Belview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Belview is $299,800, with tax bills ranging from $1,289 at the 25th percentile to $4,367 at the 90th percentile. The highest and lowest median tax bills are both $1,832 in the 56214 zip code.
Average Belview Assessed Value
$299,800
Average Yellow Medicine County Assessed Value
$131,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belview, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56214 | $122,280 | $155,700 | $299,800 | $947,800 | $1,395,620 |
Source: Ownwell
Property Tax Bills Across Belview, Minnesota
In Belview, located in Yellow Medicine County, MN, property tax bills are calculated based on the assessed value of a home. The county assessor determines this value, which is intended to reflect the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence this process, including the property's location, size, and condition, as well as any improvements made. In Yellow Medicine County, the median home price is $299,800, and the tax bill can vary significantly. For example, the 25th percentile tax bill is $1,289, while the 75th percentile reaches $3,400, and the 90th percentile can go up to $4,367. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly affecting homeowners. Compared to the national median property tax rate of 0.99%, Belview's tax rates are competitive, offering residents a balanced approach to local taxation and community support.
Average Belview Tax Bill
$1,832
Average Yellow Medicine County Tax Bill
$1,634
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Belview, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56214 | $681 | $1,289 | $1,832 | $3,400 | $4,367 |
Source: Ownwell