Mizpah, Minnesota Property Taxes
The median property tax rate in Mizpah, MN is 0.54%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Mizpah at $88,700, the typical annual property tax bill amounts to $434, which is well below the national median of $2,690. Property taxes in Mizpah are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mizpah'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 Mizpah or another part of Koochiching County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mizpah, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$479
Ownwell’s Mizpah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mizpah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mizpah 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 Mizpah, Minnesota
Property taxes in Mizpah, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mizpah is 0.54%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Mizpah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mizpah 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 Mizpah's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 56660 zip code has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these areas compare with Mizpah 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 Mizpah Tax Rate
0.54%
Average Koochiching County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mizpah, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56660 | 0.37% | 0.47% | 0.54% | 0.63% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Mizpah, Minnesota
In Mizpah, 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 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 Mizpah, 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 Mizpah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mizpah is $88,700, with annual tax bills ranging from $253 at the 25th percentile to $1,042 at the 90th percentile. The zip code 56660 has both the highest and lowest median tax bill at $434.
Average Mizpah Assessed Value
$88,700
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 Mizpah, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56660 | $22,300 | $52,700 | $88,700 | $131,000 | $189,400 |
Source: Ownwell
Property Tax Bills Across Mizpah, Minnesota
In Mizpah, located in Koochiching County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in Mizpah is $88,700, which serves as a baseline for determining the tax bill. Factors considered in calculating the tax bill include the local tax rate applied to the assessed value, which reflects the market conditions and municipal budget requirements. Homeowners in Mizpah can expect their property tax bills to vary significantly. The 25th percentile tax bill stands at $253, while the 75th percentile reaches $703. At the 90th percentile, homeowners might see a tax bill as high as $1,042. These variations demonstrate the range of property values and tax rates within the city. The highest and lowest median tax bills in the area are both recorded at $434 in the 56660 zip code, indicating some consistency in the tax burdens across different properties. Understanding these factors helps homeowners anticipate their financial responsibilities and better manage their budgets.
Average Mizpah Tax Bill
$434
Average Koochiching County Tax Bill
$689
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mizpah, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56660 | $108 | $253 | $434 | $703 | $1,042 |
Source: Ownwell