Foley, Minnesota Property Taxes
The median property tax rate in Foley, MN is 0.82%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $258,600 in Foley, the typical annual property tax bill amounts to $2,036, which is below the national median of $2,690. Property taxes in Foley are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Foley'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 Foley or another part of Benton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Foley, 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 Foley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Foley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foley 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 Foley, Minnesota
Property taxes in Foley, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foley is 1.12%, higher than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Foley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foley 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 Foley's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56357 zip code has the highest median property tax rate of 1.18%, while the 56329 zip code has the lowest median tax rate of 1.05%. Understanding how these cities compare with Foley provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Foley Tax Rate
0.82%
Average Benton County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56329 | 0.33% | 0.61% | 0.82% | 1.12% | 1.23% |
| 56357 | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Foley, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Foley, 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 Benton 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 Foley, 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 Foley stands at $258,600. The 25th percentile tax bill is $1,026, while the 75th percentile tax bill is $3,183, and the 90th percentile tax bill reaches $4,112. The highest and lowest median tax bills are both $2,036 in the 56329 zip code. 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 Foley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Foley Assessed Value
$258,600
Average Benton County Assessed Value
$250,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Foley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56329 | $50,640 | $150,900 | $258,700 | $385,300 | $530,980 |
| 56357 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 |
Source: Ownwell
Property Tax Bills Across Foley, Minnesota
In Foley, located in Benton County, MN, property tax bills are calculated based on the assessed value of the property. The county assessor determines this value, which reflects the market value of the home. Several factors influence the assessed value, including the property's size, age, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Foley, the median home price is $258,600. Property tax bills can vary significantly, with the 25th percentile at $1,026 and the 75th percentile reaching $3,183. The 90th percentile sees tax bills as high as $4,112. The median tax bill in the highest and lowest zip codes within Benton County is $2,036. These property taxes fund essential public services such as schools, infrastructure, and emergency services. Understanding these calculations can help homeowners anticipate their annual expenses and budget accordingly.
Average Foley Tax Bill
$2,036
Average Benton County Tax Bill
$2,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Foley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56329 | $267 | $1,028 | $2,036 | $3,184 | $4,112 |
| 56357 | $98 | $98 | $98 | $98 | $98 |
Source: Ownwell