Ranier, Minnesota Property Taxes
The median property tax rate in Ranier, MN is 0.93%, slightly lower than the national median of 0.99% and significantly below the Minnesota state median of 1.11%. With a median home value of $93,700 in Ranier, the typical annual property tax bill amounts to $883, which is considerably less than the national median of $2,690. Property taxes in Ranier are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Ranier'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 Ranier 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
Ranier, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$871
Ownwell’s RANIER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RANIER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RANIER 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 Ranier, Minnesota
Property taxes in Ranier, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ranier is 0.93%, which is lower than the U.S. national median of 0.99%. Local government entities within Ranier set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ranier 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 Ranier's effective property tax rate to other areas in Koochiching County and the national median. For comparison, the 56649 zip code has the highest median property tax rate of 0.96%, while the 56668 zip code has the lowest median tax rate of 0.93%. Understanding how these areas compare with Ranier 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 Ranier Tax Rate
0.93%
Average Koochiching County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ranier, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56649 | 0.83% | 0.88% | 0.96% | 1.05% | 1.10% |
| 56668 | 0.68% | 0.82% | 0.93% | 1.20% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Ranier, Minnesota
In Ranier, 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 Ranier, 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. For instance, the highest median tax bill in the area is $1,751 in the 56649 zip code, while the lowest median tax bill is $872 in the 56668 zip code. Being aware of these valuation processes in Ranier helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ranier Assessed Value
$93,700
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 Ranier, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56649 | $132,260 | $156,050 | $195,700 | $235,350 | $259,140 |
| 56668 | $34,620 | $61,900 | $93,000 | $127,000 | $257,420 |
Source: Ownwell
Property Tax Bills Across Ranier, Minnesota
In Ranier, located in Koochiching County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Ranier stands at $93,700, which serves as the foundation for determining the tax bill. Local authorities assess the value of properties annually, considering factors like market conditions and property characteristics. Once the assessed value is determined, it is multiplied by the local tax rate to calculate the tax bill. In Koochiching County, tax bills can vary significantly. For instance, the 25th percentile tax bill is $544, while the 75th percentile tax bill reaches $1308. At the 90th percentile, homeowners might see a tax bill as high as $2092. The highest median tax bill within the county is $1751 in the 56649 zip code, while the lowest is $872 in the 56668 zip code. These variations can significantly impact homeowners, influencing their annual expenses and overall financial planning.
Average Ranier Tax Bill
$883
Average Koochiching County Tax Bill
$689
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Ranier, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56649 | $1,403 | $1,534 | $1,751 | $1,968 | $2,099 |
| 56668 | $278 | $541 | $872 | $1,253 | $1,996 |
Source: Ownwell