Isle, Minnesota Property Taxes
The median property tax rate in Isle, MN is 0.86%, 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 $165,050 in Isle, the typical annual property tax bill is $1,277, falling below the national median of $2,690. Property taxes in Isle are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Isle'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 Isle 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
Isle, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,419
Ownwell’s ISLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ISLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ISLE 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 Isle, Minnesota
Property taxes in Isle, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Isle is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Isle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Isle 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 Isle's effective property tax rate to other areas in Kanabec County and the national median. For comparison, the zip code 56342 has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these areas compare with Isle provides valuable insights into the varying tax landscape across Kanabec County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Isle Tax Rate
0.86%
Average Kanabec County Tax Rate
1.11%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Isle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56342 | 0.67% | 0.77% | 0.86% | 0.97% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Isle, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Isle, 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 Kanabec 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 Isle, 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. The median home price in Isle is $165,050, with tax bills ranging from the 25th percentile at $558 to the 90th percentile at $3,157. The zip code with the highest and lowest median tax bill is 56342, both at $1,277. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Isle Assessed Value
$165,050
Average Kanabec County Assessed Value
$192,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Isle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56342 | $29,530 | $65,700 | $165,050 | $258,200 | $385,920 |
Source: Ownwell
Property Tax Bills Across Isle, Minnesota
In Isle, located in Kanabec County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For example, with a median home price of $165,050, homeowners can expect their property tax bill to vary significantly depending on their home's assessed value and the specific tax rate applied. The tax bill is influenced by several factors, including local government budgets, school funding requirements, and public services. Homeowners in Isle can see tax bills ranging from the 25th percentile at $558 to the 90th percentile at $3,157. The median tax bill in the area is $1,277, which is higher than the national median property tax rate of 0.99%. These property taxes have a direct impact on homeowners, affecting monthly mortgage payments and overall housing affordability. Understanding how these taxes are calculated helps homeowners budget effectively and anticipate future financial obligations.
Average Isle Tax Bill
$1,277
Average Kanabec County Tax Bill
$2,112
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Isle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56342 | $286 | $558 | $1,277 | $2,276 | $3,157 |
Source: Ownwell