Granite Falls, Yellow Medicine County, Minnesota Property Taxes
Median Granite Falls, MN effective property tax rate: 1.53%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Granite Falls, MN home value: $124,400
Median annual Granite Falls, MN tax bill: $1,738, $662 lower than the national median property tax bill of $2,400.
How are property taxes in Yellow Medicine calculated?
Property taxes in Granite Falls, 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 Granite Falls’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Granite Falls, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Granite Falls, Yellow Medicine County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.53%
Estimate Property Tax Bill
$1,903
$1,766
Property Tax Rates Across Granite Falls, Yellow Medicine County, Minnesota
Local government entities have the authority to set tax rates, which can significantly differ within a state. This is because each year, counties like Yellow Medicine estimate the budget needed to provide essential services. They then divide this budget by the total assessed value of all taxable property within their jurisdiction, resulting in the property tax rate. Although setting tax rates and budgets involves votes and laws, this is essentially the yearly process.
In Granite Falls, located in Yellow Medicine County, the effective property tax rate is 1.53%. When compared to other cities in Minnesota, this rate is notably higher than the state's median, which is also 1.53%. This rate is higher than the national median property tax rate of 1.02%. Consequently, homeowners in Granite Falls face a higher tax bill compared to the national median of $2,400. Understanding these differences is crucial for property owners who may seek to appeal their property taxes or explore exemptions to reduce their financial burden.
Property Tax Rates Across Granite Falls, Yellow Medicine County, Minnesota
Source: Ownwell
0.55%
1.17%
1.78%
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 Granite Falls Tax Rate
1.53%
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 Yellow Medicine County Tax Rate
1.38%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Granite Falls, Yellow Medicine County, 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, Yellow Medicine County, Minnesota
When examining property taxes in Granite Falls, 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 Yellow Medicine County Assessor's Office 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 Yellow Medicine 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 Granite Falls. For example, the median home price in Granite Falls is $124,400, with tax bills ranging significantly across the county. Zip code 56241 has the highest median home price at $124,400.
Property Tax Assessment Values Across Granite Falls, Yellow Medicine County, Minnesota
Source: Ownwell
$42,400
$186,100
$329,800
Median Granite Falls Market Value
$124,400
Median Yellow Medicine County Market Value
$131,500
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Granite Falls, Yellow Medicine County, 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, Yellow Medicine County, Minnesota
Property Tax Bills Across Granite Falls, Yellow Medicine County, Minnesota
Source: Ownwell
$400
$1,416
$2,432
Median Granite Falls Tax Bill
$1,738
Median Yellow Medicine County Tax Bill
$1,634
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Granite Falls, Yellow Medicine County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56241 | $554 | $970 | $1,738 | $2,712 | $3,846 |
Source: Ownwell