Finlayson, Minnesota Property Taxes
The median property tax rate in Finlayson, MN is 0.65%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Finlayson at $221,000, the typical annual property tax bill is $1,372, which is well below the national median of $2,690. Property taxes in Finlayson 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 Finlayson'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 Finlayson 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
Finlayson, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,437
Ownwell’s Finlayson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Finlayson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Finlayson 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 Finlayson, Minnesota
Property taxes in Finlayson, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Finlayson is 0.65%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Finlayson set these rates annually, and they can vary across different neighborhoods. Each year, Finlayson 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 Finlayson's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55735 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Finlayson provides valuable insights into the varying tax landscape across Aitkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Finlayson Tax Rate
0.65%
Average Aitkin County Tax Rate
0.51%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Finlayson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55735 | 0.44% | 0.57% | 0.65% | 0.71% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Finlayson, Minnesota
In Finlayson, 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 Aitkin 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 Finlayson, 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. The median home price in Finlayson is $221,000, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $598, while the 75th percentile tax bill reaches $2,091. 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 Finlayson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Finlayson Assessed Value
$221,000
Average Aitkin County Assessed Value
$189,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Finlayson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55735 | $57,920 | $110,550 | $221,000 | $320,150 | $417,370 |
Source: Ownwell
Property Tax Bills Across Finlayson, Minnesota
In Finlayson, located in Aitkin County, MN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local assessors who evaluate various factors such as the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Finlayson, the property tax bill can vary significantly. For instance, the tax bill at the 25th percentile is around $598, while at the 75th percentile, it reaches approximately $2,091. At the 90th percentile, homeowners may see a tax bill as high as $2,780. The median home price in the area is $221,000, which helps give context to these figures. Comparatively, the national median property tax rate is 0.99%, making Finlayson's rates relatively aligned with national averages. This variability in tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Finlayson Tax Bill
$1,372
Average Aitkin County Tax Bill
$932
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Finlayson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55735 | $311 | $598 | $1,372 | $2,091 | $2,780 |
Source: Ownwell