Grand Portage, Minnesota Property Taxes
The median property tax rate in Grand Portage, MN is 0.68%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $281,300 in Grand Portage, the typical annual property tax bill is $1,812, which is significantly below the national median of $2,690. Property taxes in Grand Portage are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grand Portage'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 Portage 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 Portage, 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 Grand Portage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Portage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Portage 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 Portage, Minnesota
Property taxes in Grand Portage, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Portage is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Grand Portage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Portage 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 Portage's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55605 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Grand Portage 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 Portage Tax Rate
0.68%
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 Portage, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55605 | 0.54% | 0.60% | 0.68% | 0.70% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Grand Portage, Minnesota
In Grand Portage, 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 Cook 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 Grand Portage, 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 Portage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grand Portage is $281,300, with the median tax bill ranging from $982 at the 25th percentile to $2,964 at the 90th percentile. The zip code 55605 has the highest and lowest median tax bill, both at $1,812.
Property Tax Assessment Values Across Grand Portage, Minnesota
Source: Ownwell
$186,500
$263,425
$340,350
Average Grand Portage Assessed Value
$281,300
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 Portage, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55605 | $94,900 | $154,400 | $281,300 | $360,150 | $424,800 |
Source: Ownwell
Property Tax Bills Across Grand Portage, Minnesota
In Grand Portage, located in Cook County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $281,300. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as property size, location, and market conditions influence the assessed value. For homeowners in Grand Portage, the annual property tax bill can vary significantly. At the 25th percentile, the tax bill is around $982, while at the 75th percentile, it reaches approximately $2,449. The 90th percentile sees tax bills as high as $2,964. These figures highlight the range of property tax burdens within the community, reflecting differences in property values and local tax rates. Compared to the national median property tax rate of 0.99%, homeowners in Grand Portage experience varying degrees of tax obligations, which can impact their overall financial planning and homeownership costs.
Average Grand Portage Tax Bill
$1,812
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 Portage, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55605 | $258 | $982 | $1,812 | $2,449 | $2,964 |
Source: Ownwell