Calumet, Minnesota Property Taxes
The median property tax rate in Calumet, MN is 1.45%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Calumet at $66,900, the typical annual property tax bill reaches $896, which is below the national median of $2,690. Property taxes in Calumet 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 Calumet'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 Calumet 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
Calumet, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$970
Ownwell’s Calumet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Calumet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Calumet 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 Calumet, Minnesota
Property taxes in Calumet, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Calumet is 1.45%, significantly higher than the U.S. national median of 0.99%. Local government entities within Calumet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Calumet 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 Calumet's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55716 has both the highest and lowest median property tax rate of 1.45%. Understanding how these cities compare with Calumet provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Calumet Tax Rate
1.45%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Calumet, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55716 | 0.66% | 0.93% | 1.45% | 2.16% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Calumet, Minnesota
In Calumet, 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 Itasca 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. 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 Calumet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55716 has the highest median tax bill at $896, which is crucial for homeowners to consider.
Average Calumet Assessed Value
$66,900
Average Itasca County Assessed Value
$169,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Calumet, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55716 | $12,020 | $34,200 | $66,900 | $92,450 | $126,580 |
Source: Ownwell
Property Tax Bills Across Calumet, Minnesota
In Calumet, located in Itasca County, MN, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value considers factors such as the property's market value, location, and any improvements made. Once the assessed value is established, a tax rate is applied to calculate the annual property tax bill. Homeowners in Calumet experience a range of property tax bills. For instance, the 25th percentile tax bill is around $405, while those in the 75th percentile pay approximately $1,444. At the 90th percentile, the tax bill can reach up to $1,945. Comparatively, the median property tax rate in Calumet is higher than the national median property tax rate of 0.99%. This means that homeowners in Calumet may pay more in property taxes relative to the national average. Understanding how these factors contribute to their tax bills can help homeowners better plan and budget for their annual expenses.
Average Calumet Tax Bill
$896
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Calumet, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55716 | $150 | $405 | $896 | $1,444 | $1,945 |
Source: Ownwell