Grand Rapids, Minnesota Property Taxes
The median property tax rate in Grand Rapids, MN is 0.99%, aligning with the national median of 0.99% but slightly lower than the Minnesota state median of 1.11%. With the median home value in Grand Rapids at $205,800, the typical annual property tax bill reaches $2,064, which is slightly below the national median of $2,690. Property taxes in Grand Rapids are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grand Rapids' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Grand Rapids 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
Grand Rapids, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$2,037
Ownwell’s Grand Rapids Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Rapids with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Rapids 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 Grand Rapids, Minnesota
Property taxes in Grand Rapids, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Rapids is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Grand Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Rapids 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 Grand Rapids' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55744 has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Grand Rapids 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 Grand Rapids Tax Rate
0.99%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55744 | 0.63% | 0.81% | 0.99% | 1.26% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Grand Rapids, Minnesota
In Grand Rapids, 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 Grand Rapids, 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. For instance, the median home price in Grand Rapids is $205,800, with tax bills ranging from $1,108 at the 25th percentile to $5,006 at the 90th percentile. The highest and lowest median tax bills are both $2,064 in the 55744 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grand Rapids Assessed Value
$205,800
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 Grand Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55744 | $56,900 | $130,600 | $205,800 | $307,700 | $471,700 |
Source: Ownwell
Property Tax Bills Across Grand Rapids, Minnesota
In Grand Rapids, Itasca County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. Homeowners in Grand Rapids face a property tax rate that contributes to essential public services such as schools, infrastructure, and emergency services. For instance, the median home price in Grand Rapids stands at $205,800. Using this value, the property tax bill can vary significantly. The 25th percentile tax bill is around $1,108, while the 75th percentile tax bill can reach up to $3,288. At the higher end, the 90th percentile tax bill is approximately $5,006. These figures show a broad range of potential tax burdens, influenced by the property's assessed value and specific local tax rates. This variation in tax bills affects homeowners differently, impacting affordability and financial planning. Compared to the national median property tax rate of 0.99%, the specific rates in Grand Rapids can lead to higher or lower tax obligations, depending on individual property assessments.
Average Grand Rapids Tax Bill
$2,064
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55744 | $358 | $1,108 | $2,064 | $3,288 | $5,006 |
Source: Ownwell