Big Falls, Minnesota Property Taxes
The median property tax rate in Big Falls, MN is 0.90%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Big Falls at $43,100, the typical annual property tax bill amounts to $356, significantly below the national median of $2,690. Property taxes in Big Falls are determined based on the assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Big Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Big Falls 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
Big Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$388
Ownwell’s Big Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Falls 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 Big Falls, Minnesota
Property taxes in Big Falls, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Falls is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Big Falls set these rates annually, and they can vary across different neighborhoods. Each year, Big Falls 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 Big Falls' effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56627 has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Big Falls provides valuable insights into the varying tax landscape across Koochiching County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Falls Tax Rate
0.90%
Average Koochiching County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56627 | 0.57% | 0.71% | 0.90% | 1.17% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Big Falls, Minnesota
In Big Falls, 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 Koochiching 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 Big Falls, 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 Big Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $356.00, found in the 56627 zip code.
Average Big Falls Assessed Value
$43,100
Average Koochiching County Assessed Value
$92,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56627 | $7,280 | $19,150 | $43,100 | $69,150 | $106,130 |
Source: Ownwell
Property Tax Bills Across Big Falls, Minnesota
In Big Falls, located in Koochiching County, MN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local tax assessor and reflects the market value of the property. The tax rate is then applied to this assessed value to calculate the total tax bill. For instance, with a median home price of $43,100, homeowners can expect varying tax bills depending on their property's specific assessment and applicable exemptions. The tax bills in Big Falls show a range influenced by several factors, including property size, location, and improvements. For example, the tax bill at the 25th percentile is $190, while at the 75th percentile, it rises to $582. At the 90th percentile, it can reach $947. This variability highlights how different factors can significantly impact the amount homeowners owe. Understanding these factors is crucial for homeowners as it directly affects their financial planning and budgeting. With the national median property tax rate at 0.99%, Big Falls' property tax bills offer a comparative perspective for residents evaluating their tax obligations.
Average Big Falls Tax Bill
$356
Average Koochiching County Tax Bill
$689
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56627 | $61 | $190 | $356 | $582 | $947 |
Source: Ownwell