Coleraine, Minnesota Property Taxes
The median property tax rate in Coleraine, MN is 1.02%, slightly above the national median of 0.99% but below the Minnesota state median of 1.11%. With a median home value of $144,650 in Coleraine, the typical annual property tax bill amounts to $1,411, which is lower than the national median of $2,690. Property taxes in Coleraine are determined based on the tax assessed value, which is often less than the market value due to various exemptions like those for primary residences and agricultural properties. Gaining a solid understanding of Coleraine's property tax system, exploring available exemptions, and identifying potential reductions can result in significant annual savings. Whether you're in the heart of Coleraine or another part of Itasca County, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Coleraine, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Coleraine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coleraine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coleraine 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 Coleraine, Minnesota
Property taxes in Coleraine, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coleraine is 1.02%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Coleraine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coleraine 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 Coleraine's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55722 has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Coleraine 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 Coleraine Tax Rate
1.02%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coleraine, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55722 | 0.63% | 0.84% | 1.02% | 1.24% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Coleraine, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Coleraine, Minnesota. 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 Assessor 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 Coleraine, 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. This knowledge helps in identifying opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55722 has the highest and lowest median tax bill at $1,411, highlighting the variability in tax obligations within the area.
Average Coleraine Assessed Value
$144,650
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 Coleraine, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55722 | $78,830 | $107,000 | $144,650 | $204,125 | $330,000 |
Source: Ownwell
Property Tax Bills Across Coleraine, Minnesota
In Coleraine, MN, property tax bills are determined based on the assessed value of your home and the local tax rate. The median home price in Coleraine is $144,650, and property taxes are calculated by applying the local tax rate to this assessed value. Homeowners in Coleraine can expect a range of property tax bills, with the 25th percentile being $892, the 75th percentile at $2,258, and the 90th percentile reaching up to $4,064. Several factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. The local government uses these taxes to fund essential services like schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Coleraine's rates can vary but remain crucial for maintaining community services. Homeowners should be aware of these factors as they significantly impact their annual financial planning and long-term investment in their property.
Average Coleraine Tax Bill
$1,411
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Coleraine, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55722 | $483 | $892 | $1,411 | $2,258 | $4,064 |
Source: Ownwell