Boyd, Minnesota Property Taxes
The median property tax rate in Boyd, MN is 0.55%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Boyd at $329,800, the typical annual property tax bill amounts to $2,118, which is below the national median of $2,690. Property taxes in Boyd 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 Boyd'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 Boyd 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
Boyd, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,814
Ownwell’s Boyd Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boyd with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boyd 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 Boyd, Minnesota
Property taxes in Boyd, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boyd is 0.55%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Boyd set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boyd 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 Boyd's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56218 has both the highest and lowest median property tax rate of 0.55%. Understanding how these areas compare with Boyd 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 Boyd 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 Boyd, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56218 | 0.29% | 0.37% | 0.55% | 0.74% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Boyd, Minnesota
In Boyd, 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. Assessment notices in Boyd 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 Boyd helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56218 has the highest median tax bill of $2,118, which is the same as the lowest median tax bill in the area.
Average Boyd Assessed Value
$329,800
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 Boyd, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56218 | $73,580 | $144,400 | $329,800 | $1,065,950 | $1,580,560 |
Source: Ownwell
Property Tax Bills Across Boyd, Minnesota
In Boyd, located in Yellow Medicine County, MN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. This rate can vary depending on local government budgets and voter-approved measures. Several factors influence the final tax bill, including property improvements, neighborhood characteristics, and market trends. For instance, the median home price in Boyd is $329,800. Property tax bills can range significantly, with the 25th percentile at $1,158 and the 75th percentile at $3,687. Homeowners in the 90th percentile may see tax bills as high as $6,000. These tax bills impact homeowners by affecting their annual housing costs, potentially influencing decisions on homeownership and property investments. Compared to the national median property tax rate of 0.99%, Boyd's property tax landscape offers a varied range, reflecting the unique economic conditions of the area.
Average Boyd Tax Bill
$2,118
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 Boyd, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56218 | $606 | $1,158 | $2,118 | $3,687 | $6,000 |
Source: Ownwell