Two Harbors, Minnesota Property Taxes
The median property tax rate in Two Harbors, MN is 0.64%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Two Harbors at $239,400, the typical annual property tax bill reaches $1,499, significantly below the national median of $2,690. Property taxes in Two Harbors 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 Two Harbors' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Two Harbors 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
Two Harbors, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,532
Ownwell’s Two Harbors Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Two Harbors with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Two Harbors to provide a reliable estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities, ensuring you can make informed financial decisions. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Two Harbors, Minnesota
Property taxes in Two Harbors, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Two Harbors is 0.64%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Two Harbors set these rates annually, and they can vary significantly across different neighborhoods. Each year, Two Harbors 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 Two Harbors' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55616 has both the highest and lowest median property tax rate of 0.64%. Understanding how these cities compare with Two Harbors provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Two Harbors Tax Rate
0.64%
Average Lake County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Two Harbors, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55616 | 0.38% | 0.47% | 0.64% | 0.83% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Two Harbors, Minnesota
In Two Harbors, 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 Lake 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 Two Harbors, 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 Two Harbors helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Two Harbors is $239,400, with the highest and lowest median tax bills both being $1,499 in zip code 55616.
Average Two Harbors Assessed Value
$239,400
Average Lake County Assessed Value
$222,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Two Harbors, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55616 | $50,200 | $150,900 | $239,400 | $394,400 | $604,200 |
Source: Ownwell
Property Tax Bills Across Two Harbors, Minnesota
In Two Harbors, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $239,400 in Lake County, homeowners can expect a median tax bill of around $1,499. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in the 25th percentile of tax bills pay approximately $793, while those in the 75th percentile face a tax bill of about $2,367. The highest tax bills, in the 90th percentile, can reach up to $3,641. Compared to the national median property tax rate of 0.99%, the property tax rate in Two Harbors can significantly impact homeowners' annual expenses, making it crucial for them to understand and potentially appeal their assessed values to manage costs effectively.
Average Two Harbors Tax Bill
$1,499
Average Lake County Tax Bill
$1,364
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Two Harbors, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55616 | $356 | $793 | $1,499 | $2,367 | $3,641 |
Source: Ownwell