Ironton, Minnesota Property Taxes
The median property tax rate in Ironton, MN is 0.59%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Ironton, the typical annual property tax bill reaches $950, which is well below the national median of $2,690. Property taxes in Ironton are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ironton'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 Ironton 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
Ironton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$868
Ownwell’s Ironton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ironton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ironton 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 Ironton, Minnesota
Property taxes in Ironton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ironton is 0.59%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Ironton set these rates annually, and they can vary across different neighborhoods. Each year, Ironton 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 Ironton's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 56455 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these areas compare with Ironton provides valuable insights into the varying tax landscape across Crow Wing County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ironton Tax Rate
0.59%
Average Crow Wing County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ironton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56455 | 0.15% | 0.46% | 0.59% | 0.70% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Ironton, Minnesota
In Ironton, 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 Crow Wing 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 Ironton, 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 Ironton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $950, found in the 56455 zip code.
Average Ironton Assessed Value
$147,200
Average Crow Wing County Assessed Value
$265,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ironton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56455 | $26,580 | $75,200 | $147,200 | $301,800 | $426,620 |
Source: Ownwell
Property Tax Bills Across Ironton, Minnesota
In Ironton, located in Crow Wing County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $147,200. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate. This rate is influenced by various factors, including local government budgets, school funding, and public services. Homeowners in Ironton can expect a range of property tax bills. For instance, tax bills at the 25th percentile are around $324, while those at the 75th percentile reach approximately $1,596. At the 90th percentile, tax bills can be as high as $2,895. The highest and lowest median tax bills in the area both stand at $950, indicating a relatively consistent tax environment within the specified zip code of 56455. Compared to the national median property tax rate of 0.99%, Ironton's property tax rates can significantly impact homeowners, influencing decisions on property investments and long-term financial planning.
Average Ironton Tax Bill
$950
Average Crow Wing County Tax Bill
$1,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Ironton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56455 | $118 | $324 | $950 | $1,596 | $2,895 |
Source: Ownwell