Isanti, Minnesota Property Taxes
The median property tax rate in Isanti, MN is 1.10%, slightly above the national median of 0.99% but just below the Minnesota state median of 1.11%. With the median home value in Isanti at $314,200, the typical annual property tax bill reaches $3,456, surpassing the national median of $2,690. Property taxes in Isanti are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Isanti’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 Isanti 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
Isanti, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Isanti Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Isanti with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Isanti 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 Isanti, Minnesota
Property taxes in Isanti, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Isanti is 1.10%, higher than the U.S. national median of 0.99%. Local government entities within Isanti set these rates annually, and they can vary significantly across different neighborhoods. Each year, Isanti 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 Isanti's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55040 zip code has the highest median property tax rate of 1.10%, while the 55040 zip code also has the lowest median tax rate of 1.10%. Understanding how these areas compare with Isanti provides valuable insights into the varying tax landscape across Anoka County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Isanti Tax Rate
1.10%
Average Anoka County Tax Rate
0.96%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Isanti, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55040 | 0.86% | 0.90% | 1.10% | 1.25% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Isanti, Minnesota
In Isanti, 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 Anoka 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 Isanti, 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 Isanti helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 55040 has the highest and lowest median tax bill at $3,456.
Average Isanti Assessed Value
$314,200
Average Anoka County Assessed Value
$327,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Isanti, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55040 | $246,020 | $286,250 | $314,200 | $363,000 | $446,290 |
Source: Ownwell
Property Tax Bills Across Isanti, Minnesota
In Isanti, located in Anoka County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by county assessors who evaluate various factors such as the property's market value, 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 Isanti, the median home price stands at $314,200. Property tax bills can vary significantly, with the 25th percentile tax bill at $3,069 and the 75th percentile reaching $3,774. At the 90th percentile, homeowners may pay up to $4,328 annually. These figures reflect how property taxes can substantially impact household budgets, especially when compared to the national median property tax rate of 0.99%. In Anoka County, the highest and lowest median tax bills are both $3,456, indicating a relatively consistent property tax landscape within the region. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Isanti Tax Bill
$3,456
Average Anoka County Tax Bill
$3,246
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Isanti, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55040 | $2,809 | $3,069 | $3,456 | $3,774 | $4,328 |
Source: Ownwell