Anoka, Minnesota Property Taxes
The median property tax rate in Anoka, MN is 0.29%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Anoka, the typical annual property tax bill reaches $508, well below the national median of $2,690. Property taxes in Anoka 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 Anoka'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 Anoka 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
Anoka, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.29%
Estimate Property Tax Bill
$506
Ownwell’s Anoka Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Anoka with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Anoka to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Anoka, Minnesota
Property taxes in Anoka, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Anoka is 1.12%, significantly higher than both the Minnesota state median of 1.02% and the U.S. national median of 0.99%. Local government entities within Anoka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Anoka 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 Anoka's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in the region is found in zip code 55303 at 1.20%, while the lowest median tax rate is in zip code 55304 at 1.05%. Understanding how these areas compare with Anoka provides valuable insights into the varying tax landscape across Anoka County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Anoka Tax Rate
0.29%
Average Isanti County Tax Rate
0.95%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Anoka, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55303 | 0.29% | 0.29% | 0.29% | 0.29% | 0.29% |
Source: Ownwell
Property Tax Assessment Values Across Anoka, Minnesota
In Anoka, 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 Anoka 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 Anoka, 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 Anoka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Anoka are both $508, found in the 55303 zip code.
Average Anoka Assessed Value
$174,600
Average Isanti County Assessed Value
$289,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Anoka, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55303 | $174,600 | $174,600 | $174,600 | $174,600 | $174,600 |
Source: Ownwell
Property Tax Bills Across Anoka, Minnesota
In Anoka, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Several factors influence this value, including the property's size, location, and condition. Homeowners in Anoka face a median property tax rate of 0.99%, aligning with the national median. For instance, with a median home price of $174,600, the property tax bill is typically $508, regardless of the specific percentile within the region. This uniformity simplifies the tax calculation process for homeowners. However, fluctuations in property values can significantly impact tax bills, as an increase in market value will result in a higher assessed value and, consequently, a higher tax bill. Understanding these dynamics is crucial for homeowners to anticipate their financial obligations and manage their budgets effectively.
Average Anoka Tax Bill
$508
Average Isanti County Tax Bill
$2,982
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Anoka, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55303 | $508 | $508 | $508 | $508 | $508 |
Source: Ownwell