Esko, Minnesota Property Taxes
The median property tax rate in Esko, MN is 1.16%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Esko at $303,400, the typical annual property tax bill reaches $3,470, exceeding the national median of $2,690. Property taxes in Esko 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 Esko'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 Esko 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
Esko, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$3,519
Ownwell’s Esko Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Esko with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Esko 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 Esko, Minnesota
Property taxes in Esko, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Esko is 1.16%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Esko set these rates annually, and they can vary significantly across different neighborhoods. Each year, Esko 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 Esko's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55733 zip code has the highest median property tax rate of 1.16%, while the 55733 zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Esko provides valuable insights into the varying tax landscape across Carlton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Esko Tax Rate
1.16%
Average Carlton County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Esko, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55733 | 1.06% | 1.12% | 1.16% | 1.19% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Esko, Minnesota
In Esko, 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 Carlton 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 Esko, 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. The median home price in Esko is $303,400, with tax bills ranging from $2,628 at the 25th percentile to $6,113 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Esko Assessed Value
$303,400
Average Carlton County Assessed Value
$213,450
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Esko, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55733 | $176,700 | $238,000 | $303,400 | $405,300 | $519,600 |
Source: Ownwell
Property Tax Bills Across Esko, Minnesota
In Esko, located in Carlton County, MN, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. For context, the median home price in Esko is $303,400. Homeowners in the 25th percentile can expect a tax bill around $2,628, while those in the 75th percentile may see bills up to $4,768. For the top 10% of homes, tax bills can reach approximately $6,113. These figures highlight how property taxes can vary significantly within the same area, depending on the value of the property. Compared to the national median property tax rate of 0.99%, Esko's property taxes reflect the local economic conditions and public service funding needs. Homeowners need to be aware of these factors as they directly impact their annual financial planning and the overall cost of owning a home in this region.
Average Esko Tax Bill
$3,470
Average Carlton County Tax Bill
$2,610
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Esko, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55733 | $1,786 | $2,628 | $3,470 | $4,768 | $6,113 |
Source: Ownwell