Graceville, Traverse County, Minnesota Property Taxes
Median Graceville, MN effective property tax rate: 0.71%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Graceville, MN home value: $107,400
Median annual Graceville, MN tax bill: $788, $1,612 lower than the national median property tax bill of $2,400.
How are property taxes in Traverse County calculated?
Property taxes in Graceville, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Graceville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Graceville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Graceville, Traverse County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.71%
Estimate Property Tax Bill
$763
$708
Property Tax Rates Across Graceville, Traverse County, Minnesota
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Graceville Tax Rate
0.71%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Traverse County Tax Rate
1.63%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Graceville, Traverse County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56240 | 0.45% | 0.65% | 0.71% | 0.80% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Graceville, Traverse County, Minnesota
When examining property taxes in Graceville, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Traverse County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Traverse County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Graceville. For example, the median home price in Graceville is $107,400, with tax bills ranging significantly across the county. Zip code 56240 has the highest median home price at $107,400.
Property Tax Assessment Values Across Graceville, Traverse County, Minnesota
Source: Ownwell
$22,200
$64,800
$107,400
Median Graceville Market Value
$107,400
Median Traverse County Market Value
$55,600
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Graceville, Traverse County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56240 | $62,660 | $84,900 | $107,400 | $161,700 | $378,300 |
Source: Ownwell
Property Tax Bills Across Graceville, Traverse County, Minnesota
In Graceville, located in Traverse County, MN, property tax bills are calculated based on the assessed value of a home. The median home price here is $107,400, with a tax bill typically ranging from $568 at the 25th percentile to $1,064 at the 75th percentile. The property tax rate is a critical factor, influencing how much homeowners pay annually. Compared to the national median property tax bill of $2,400, Graceville homeowners generally enjoy lower tax bills, with the highest median tax bill recorded at $788 in the 56240 zip code.
These tax bills impact homeowners by affecting their overall housing costs, potentially influencing decisions on buying or selling property. Ownwell offers valuable assistance by providing property tax appeal and exemption services. By analyzing your property's assessed value and ensuring it's accurate, Ownwell can help identify opportunities for tax savings. This service not only reduces financial burdens but also ensures homeowners pay only their fair share, maximizing savings and offering peace of mind.
Median Graceville Tax Bill
$788
Median Traverse County Tax Bill
$718
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Graceville, Traverse County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56240 | $411 | $568 | $788 | $1,064 | $2,171 |
Source: Ownwell