Roosevelt, Minnesota Property Taxes
The median property tax rate in Roosevelt, MN is 0.85%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $93,700 in Roosevelt, the typical annual property tax bill amounts to $771, significantly below the national median of $2,690. Property taxes in Roosevelt are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Roosevelt's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Roosevelt or another part of Lake of the Woods County, gaining a thorough understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Roosevelt, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$796
Ownwell’s Roosevelt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Roosevelt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Roosevelt 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 Roosevelt, Minnesota
Property taxes in Roosevelt, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Roosevelt is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Roosevelt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roosevelt 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 Roosevelt's effective property tax rate to other areas in Lake of the Woods County and the national median. For comparison, the zip code 56673 has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Roosevelt provides valuable insights into the varying tax landscape across Lake of the Woods County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Roosevelt Tax Rate
0.85%
Average Lake Of The Woods County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Roosevelt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56673 | 0.72% | 0.78% | 0.85% | 0.89% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Roosevelt, Minnesota
In Roosevelt, 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 of the Woods 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 Roosevelt, 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 Roosevelt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Roosevelt is $93,700, with the 25th percentile tax bill at $374 and the 75th percentile tax bill at $1,188. Notably, the highest and lowest median tax bills both stand at $771 in the 56673 zip code.
Average Roosevelt Assessed Value
$93,700
Average Lake Of The Woods County Assessed Value
$104,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Roosevelt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56673 | $14,860 | $40,500 | $93,700 | $139,875 | $204,090 |
Source: Ownwell
Property Tax Bills Across Roosevelt, Minnesota
In Roosevelt, Lake of the Woods County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Roosevelt is $93,700. The property tax rate, which is applied to the assessed value, is a key factor in determining the final tax bill. For Roosevelt, the tax bills vary widely: the 25th percentile tax bill is $374, while the 75th percentile tax bill is $1188, and the 90th percentile tax bill reaches up to $1582. These figures indicate a significant range in what homeowners might owe, reflecting differences in property values and specific local tax rates. Compared to the national median property tax rate of 0.99%, Roosevelt's property tax bills are relatively moderate. For homeowners, understanding these factors is crucial as property taxes directly impact annual housing costs. Accurate assessment and awareness of local tax rates can help homeowners anticipate their financial obligations and manage their budgets effectively.
Average Roosevelt Tax Bill
$771
Average Lake Of The Woods County Tax Bill
$794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Roosevelt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56673 | $128 | $374 | $771 | $1,188 | $1,582 |
Source: Ownwell