Bellingham, Minnesota Property Taxes
The median property tax rate in Bellingham, Minnesota is 0.63%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Bellingham at $116,200, the typical annual property tax bill reaches $822, significantly below the national median of $2,690. Property taxes in Bellingham 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 Bellingham'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 Bellingham 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
Bellingham, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$732
Ownwell’s Bellingham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bellingham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bellingham 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 Bellingham, Minnesota
Property taxes in Bellingham, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bellingham is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Bellingham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bellingham 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 Bellingham's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56212 has both the highest and the lowest median property tax rate of 0.63%. Understanding how these cities compare with Bellingham provides valuable insights into the varying tax landscape across Lac qui Parle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bellingham Tax Rate
0.63%
Average Lac Qui Parle County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bellingham, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56212 | 0.22% | 0.33% | 0.63% | 0.99% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Bellingham, Minnesota
In Bellingham, 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 Lac qui Parle 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 Bellingham, 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. Bellingham's median home price is $116,200, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $324, while the 75th percentile tax bill is $1,805, and the 90th percentile tax bill reaches $3,321. Interestingly, the highest and lowest median tax bills both stand at $822 in the zip code 56212. 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 Bellingham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bellingham Assessed Value
$116,200
Average Lac Qui Parle County Assessed Value
$124,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bellingham, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56212 | $14,250 | $40,925 | $116,200 | $561,550 | $1,016,900 |
Source: Ownwell
Property Tax Bills Across Bellingham, Minnesota
In Bellingham, located in Lac qui Parle 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, who evaluates the property's market value. This assessed value is then multiplied by the tax rate to calculate the annual property tax bill. Factors influencing the tax bill include the property's location, size, and market conditions. In Bellingham, the median home price is $116,200. Homeowners in the 25th percentile can expect to pay around $324 annually, while those in the 75th percentile might see bills as high as $1,805. For properties in the 90th percentile, taxes can reach up to $3,321. These property taxes fund essential local services such as schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Bellingham's property tax rates reflect the specific needs and valuations within Lac qui Parle County, impacting homeowners differently based on their property's assessed value.
Average Bellingham Tax Bill
$822
Average Lac Qui Parle County Tax Bill
$1,448
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bellingham, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56212 | $137 | $324 | $822 | $1,805 | $3,321 |
Source: Ownwell