Effie, Minnesota Property Taxes
The median property tax rate in Effie, MN is 0.95%, slightly below both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Effie at $113,400, the typical annual property tax bill reaches $950, which is lower than the national median of $2,690. Property taxes in Effie 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 Effie'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 Effie 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
Effie, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$1,077
Ownwell’s Effie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Effie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Effie 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 Effie, Minnesota
Property taxes in Effie, Minnesota, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Effie is 0.95%, which is slightly below the U.S. national median of 0.99%. Local government entities within Effie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Effie 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 Effie's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56639 has both the highest and lowest median property tax rate of 0.95%. Understanding how these areas compare with Effie 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 Effie Tax Rate
0.95%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Effie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56639 | 0.48% | 0.80% | 0.95% | 1.02% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Effie, Minnesota
In Effie, 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 Itasca County 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 Effie, 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 Effie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Effie are both $950, found in the zip code 56639.
Average Effie Assessed Value
$113,400
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 Effie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56639 | $35,560 | $63,750 | $113,400 | $194,250 | $276,700 |
Source: Ownwell
Property Tax Bills Across Effie, Minnesota
Property tax bills in Effie, located in Itasca County, MN, are calculated based on the assessed value of a property. The assessed value is determined by local assessors and is meant to reflect the market value of the home. Homeowners in Effie can expect their tax bills to vary significantly depending on several factors, including the assessed value of their property and the specific rates set by local taxing authorities. For instance, in Effie, the median home price is $113,400. Property tax bills can range widely, with the 25th percentile tax bill at $510 and the 75th percentile tax bill at $1,616, indicating a significant variation in tax burdens among homeowners. At the higher end, the 90th percentile tax bill reaches $2,515. These figures suggest that while some homeowners may find their tax bills manageable, others could face a more substantial financial burden. Compared to the national median property tax rate of 0.99%, Effie's tax rates reflect the local economic conditions and funding needs. Homeowners must consider these factors when budgeting for their annual expenses.
Average Effie Tax Bill
$950
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Effie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56639 | $270 | $510 | $950 | $1,616 | $2,515 |
Source: Ownwell