Squaw Lake, Minnesota Property Taxes
The median property tax rate in Squaw Lake, MN is 0.85%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $112,500 in Squaw Lake, the typical annual property tax bill is $890, significantly below the national median of $2,690. Property taxes in Squaw Lake are determined based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Navigating Squaw Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial yearly savings. Whether you're in the heart of Squaw Lake or another part of Itasca County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Squaw Lake, 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 Squaw Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Squaw Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Squaw Lake 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 Squaw Lake, Minnesota
Property taxes in Squaw Lake, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Squaw Lake is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Squaw Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Squaw Lake 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 Squaw Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56681 has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Squaw Lake 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 Squaw Lake Tax Rate
0.85%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Squaw Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56681 | 0.50% | 0.76% | 0.85% | 0.92% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Squaw Lake, Minnesota
In Squaw Lake, 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 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 Squaw Lake, 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 Squaw Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Squaw Lake is $890, with the zip code 56681 having both the highest and lowest median tax bills at $890.
Average Squaw Lake Assessed Value
$112,500
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 Squaw Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56681 | $28,720 | $63,650 | $112,500 | $196,600 | $270,440 |
Source: Ownwell
Property Tax Bills Across Squaw Lake, Minnesota
In Squaw Lake, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Itasca County. The assessed value is determined by county assessors who evaluate the market value of the property. For example, with a median home price of $112,500, homeowners can expect varying tax bills depending on their property's specific assessment and applicable exemptions. Factors such as property size, location, and improvements can influence the assessed value. The tax rate is then applied to this value to determine the final tax bill. In Squaw Lake, the median property tax bill is $890, significantly lower than the national median property tax rate of 0.99%. Homeowners in the 25th percentile pay around $436, while those in the 75th percentile pay up to $1,572. At the higher end, the 90th percentile tax bill can reach $2,290. These taxes are crucial for funding local services, including schools, infrastructure, and emergency services, directly impacting community quality of life.
Average Squaw Lake Tax Bill
$890
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Squaw Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56681 | $214 | $436 | $890 | $1,572 | $2,290 |
Source: Ownwell