Granite Falls, Minnesota Property Taxes
The median property tax rate in Granite Falls, MN is 1.53%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Granite Falls at $124,400, the typical annual property tax bill reaches $1,738, exceeding the national median of $2,690. Property taxes in Granite Falls 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 Granite Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Granite Falls 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
Granite Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$1,903
Ownwell’s Granite Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Granite Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Granite Falls 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 Granite Falls, Minnesota
Property taxes in Granite Falls, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Granite Falls is 1.53%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Granite Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Granite Falls 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 Granite Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56241 has the highest median property tax rate of 1.53%, while the same zip code also has the lowest median tax rate of 1.53%. Understanding how these cities compare with Granite Falls 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 Granite Falls Tax Rate
1.53%
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 Granite Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56241 | 0.60% | 1.03% | 1.53% | 1.82% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Granite Falls, Minnesota
In Granite Falls, 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 Granite Falls, 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 Granite Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Granite Falls is $124,400, with tax bills ranging from $970 at the 25th percentile to $3,846 at the 90th percentile. The highest and lowest median tax bills both stand at $1,738, found in the 56241 zip code.
Property Tax Assessment Values Across Granite Falls, Minnesota
Source: Ownwell
$42,400
$424,725
$807,050
Average Granite Falls Assessed Value
$124,400
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 Granite Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56241 | $39,900 | $72,050 | $124,400 | $196,450 | $305,500 |
Source: Ownwell
Property Tax Bills Across Granite Falls, Minnesota
In Granite Falls, Yellow Medicine County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $124,400, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors such as property improvements, market conditions, and neighborhood trends influence the assessed value. The tax bill can range significantly, from the 25th percentile at $970 to the 90th percentile at $3,846. The median tax bill in the area stands at $1,738, which is significantly higher than the national median property tax rate of 0.99%. These property tax bills directly impact homeowners, as they represent a considerable portion of annual household expenses. Higher tax bills can affect affordability and overall financial planning for residents in Granite Falls.
Average Granite Falls Tax Bill
$1,738
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 Granite Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56241 | $554 | $970 | $1,738 | $2,712 | $3,846 |
Source: Ownwell