Cohasset, Minnesota Property Taxes
The median property tax rate in Cohasset, MN is 0.94%, slightly below both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Cohasset at $242,700, the typical annual property tax bill is $2,124, which is lower than the national median of $2,690. Property taxes in Cohasset are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Cohasset'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 Cohasset or another part of Itasca County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cohasset, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,281
Ownwell’s Cohasset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cohasset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cohasset 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 Cohasset, Minnesota
Property taxes in Cohasset, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cohasset is 0.94%, slightly lower than the U.S. national median of 0.99%. Local government entities within Cohasset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cohasset 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 Cohasset's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55721 zip code has the highest median property tax rate of 0.94%, while the 55721 zip code also has the lowest median tax rate of 0.94%. Understanding how these cities compare with Cohasset 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 Cohasset Tax Rate
0.94%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cohasset, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55721 | 0.56% | 0.79% | 0.94% | 1.10% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Cohasset, Minnesota
In Cohasset, 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. In Cohasset, 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. The median home price in Cohasset is $242,700, with tax bills ranging from the 25th percentile at $1,056 to the 90th percentile at $6,507. The highest and lowest median tax bills are both found in zip code 55721, at $2,124. 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 Cohasset helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cohasset Assessed Value
$242,700
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 Cohasset, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55721 | $68,120 | $143,700 | $242,700 | $400,500 | $626,120 |
Source: Ownwell
Property Tax Bills Across Cohasset, Minnesota
In Cohasset, Itasca County, MN, property tax bills are determined based on the assessed value of a home, which is influenced by factors such as the property's market value, improvements, and location. The median home price in Cohasset is $242,700. Property tax rates are applied to this assessed value to calculate the tax bill. For example, homeowners in the 25th percentile can expect tax bills around $1,056, while those in the 75th percentile may see bills as high as $3,886. At the 90th percentile, tax bills can reach up to $6,507. These tax bills are crucial as they fund local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Cohasset’s property taxes reflect the community's specific needs and property values, ensuring that homeowners contribute their fair share to maintaining and improving local amenities.
Average Cohasset Tax Bill
$2,124
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cohasset, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55721 | $400 | $1,056 | $2,124 | $3,886 | $6,507 |
Source: Ownwell