Northome, Minnesota Property Taxes
The median property tax rate in Northome, MN is 0.87%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Northome at $134,050, the typical annual property tax bill is around $1,014, which is significantly less than the national median of $2,690. Property taxes in Northome are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Northome's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Northome or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Northome, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,166
Ownwell’s Northome Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northome with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northome 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 Northome, Minnesota
Property taxes in Northome, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Northome is 0.87%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Northome set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northome 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 Northome's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56661 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Northome 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 Northome Tax Rate
0.87%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northome, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56661 | 0.43% | 0.72% | 0.87% | 0.90% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Northome, Minnesota
In Northome, 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 Northome, 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 Northome is $134,050, with tax bills ranging from $478 at the 25th percentile to $2,620 at the 90th percentile. 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 Northome helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Northome Assessed Value
$134,050
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 Northome, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56661 | $36,990 | $69,175 | $134,050 | $226,275 | $319,520 |
Source: Ownwell
Property Tax Bills Across Northome, Minnesota
In Northome, located in Itasca County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Northome is $134,050. To determine your tax bill, the assessed value of your property is multiplied by the local tax rate, which is influenced by various factors including local government budgets, school funding, and public services. For homeowners in Northome, property tax bills can vary significantly. At the 25th percentile, the tax bill is around $478, while at the 75th percentile, it reaches $1,750. For those at the 90th percentile, it can go up to $2,620. The highest and lowest median tax bills in the area both stand at $1,014, which is slightly above the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their annual tax obligations and plan their finances accordingly.
Average Northome Tax Bill
$1,014
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Northome, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56661 | $230 | $478 | $1,014 | $1,750 | $2,620 |
Source: Ownwell