Isanti, Minnesota Property Taxes
The median property tax rate in Isanti, MN is 1.02%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Isanti at $291,800, the typical annual property tax bill reaches $3,172, surpassing the national median of $2,690. Property taxes in Isanti 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 Isanti'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 Isanti 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
Isanti, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,976
Ownwell’s Isanti Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Isanti with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Isanti 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 Isanti, Minnesota
Property taxes in Isanti, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Isanti is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Isanti set these rates annually, and they can vary significantly across different neighborhoods. Each year, Isanti 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. Understanding how these cities compare with Isanti provides valuable insights into the varying tax landscape across Isanti County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Isanti Tax Rate
1.02%
Average Isanti County Tax Rate
0.95%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Isanti, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55040 | 0.52% | 0.87% | 1.02% | 1.24% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Isanti, Minnesota
In Isanti, 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 Isanti 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 Isanti, 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 Isanti helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 55040, both at $3,172.
Average Isanti Assessed Value
$291,800
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 Isanti, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55040 | $163,080 | $239,375 | $291,800 | $356,925 | $481,760 |
Source: Ownwell
Property Tax Bills Across Isanti, Minnesota
In Isanti, MN, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The assessed value is a percentage of the market value of your property. For instance, with a median home price of $291,800, property taxes can vary significantly. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value. Once the assessed value is determined, local tax rates are applied to calculate the tax bill. In Isanti, the median property tax rate is notably higher than the national median of 0.99%. Homeowners in this area can expect their property tax bills to range widely. For example, the 25th percentile tax bill is around $2,296, while the 75th percentile reaches approximately $3,862. At the higher end, the 90th percentile tax bill can go up to $4,518. This variance affects homeowners differently, depending on their property's assessed value and the specific tax rates applied.
Average Isanti Tax Bill
$3,172
Average Isanti County Tax Bill
$2,982
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Isanti, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55040 | $794 | $2,296 | $3,172 | $3,862 | $4,518 |
Source: Ownwell