Grand Marais, Minnesota Property Taxes
The median property tax rate in Grand Marais, MN is 0.71%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Grand Marais, the typical annual property tax bill reaches $1,944, well below the national median of $2,690. Property taxes in Grand Marais are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grand Marais'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 Grand Marais 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
Grand Marais, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,906
Ownwell's Grand Marais Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Marais with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Marais 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 Grand Marais, Minnesota
Property taxes in Grand Marais, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Marais is 0.71%, which is below the U.S. national median of 0.99%. Local government entities within Grand Marais set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Marais 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 Grand Marais' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55604 has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Grand Marais provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Marais Tax Rate
0.71%
Average Cook County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Marais, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55604 | 0.53% | 0.63% | 0.71% | 0.80% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Grand Marais, Minnesota
In Grand Marais, 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 Cook County 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 Grand Marais, 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 Grand Marais helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,944, found in the 55604 zip code.
Property Tax Assessment Values Across Grand Marais, Minnesota
Source: Ownwell
$186,500
$263,425
$340,350
Average Grand Marais Assessed Value
$268,400
Average Cook County Assessed Value
$271,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Marais, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55604 | $85,710 | $170,175 | $268,400 | $399,850 | $551,910 |
Source: Ownwell
Property Tax Bills Across Grand Marais, Minnesota
In Grand Marais, Cook County, MN, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is derived from the market value, which reflects the price a property would likely sell for under normal conditions. For instance, the median home price in Grand Marais is $268,400. Once the assessed value is established, exemptions and local tax rates are applied to calculate the final tax bill. Homeowners in Grand Marais can expect to see a range of property tax bills, with the 25th percentile at $1,112 and the 75th percentile reaching $2,990. For those at the higher end, the 90th percentile tax bill can go up to $4,215. Comparatively, the median property tax rate in Grand Marais is relatively competitive, aligning closely with the national median rate of 0.99%. This ensures that homeowners are contributing their fair share to local services such as schools, infrastructure, and emergency services, while maintaining a manageable financial burden.
Average Grand Marais Tax Bill
$1,944
Average Cook County Tax Bill
$1,970
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Marais, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55604 | $554 | $1,112 | $1,944 | $2,990 | $4,215 |
Source: Ownwell