Turtle River, Minnesota Property Taxes
The median property tax rate in Turtle River, MN is 0.70%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $133,200 in Turtle River, the typical annual property tax bill is $806, which is well below the national median of $2,690. Property taxes in Turtle River are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Turtle River'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 Turtle River 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
Turtle River, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$932
Ownwell’s Turtle River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Turtle River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Turtle River 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 Turtle River, Minnesota
Property taxes in Turtle River, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Turtle River is 0.70%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Turtle River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Turtle River 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. Understanding how these cities compare with Turtle River provides valuable insights into the varying tax landscape across Beltrami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Turtle River Tax Rate
0.70%
Average Beltrami County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Turtle River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56601 | 0.45% | 0.58% | 0.70% | 0.76% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Turtle River, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Turtle River, Minnesota. 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 local 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. Assessment notices in Turtle River 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 Turtle River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $806, found in the 56601 zip code, which also has the lowest median tax bill at $806.
Average Turtle River Assessed Value
$133,200
Average Beltrami County Assessed Value
$190,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Turtle River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56601 | $28,000 | $83,800 | $133,200 | $206,800 | $281,500 |
Source: Ownwell
Property Tax Bills Across Turtle River, Minnesota
In Turtle River, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor. The tax rate in Beltrami County is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, condition, and market trends. Homeowners in Turtle River typically see tax bills ranging from $514 at the 25th percentile to $2,252 at the 90th percentile, with a median home price of $133,200. The median property tax bill in the area is $806, which is lower than the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable in Turtle River, especially when compared to other regions. However, understanding these factors and how they influence your tax bill is crucial for effective financial planning and ensuring you are not overpaying on your property taxes.
Average Turtle River Tax Bill
$806
Average Beltrami County Tax Bill
$1,559
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Turtle River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56601 | $154 | $514 | $806 | $1,456 | $2,252 |
Source: Ownwell