Fosston, Minnesota Property Taxes
The median property tax rate in Fosston, MN is 0.93%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Fosston at $163,900, the typical annual property tax bill amounts to $1,506, significantly below the national median of $2,690. Property taxes in Fosston are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fosston'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 Fosston 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
Fosston, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Fosston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fosston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fosston 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 Fosston, Minnesota
Property taxes in Fosston, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Fosston is 0.93%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Fosston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fosston 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 Fosston's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56542 has the highest and lowest median property tax rate of 0.93%. Understanding how these cities compare with Fosston provides valuable insights into the varying tax landscape across Mahnomen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fosston Tax Rate
0.93%
Average Mahnomen County Tax Rate
1.01%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fosston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56542 | 0.56% | 0.82% | 0.93% | 1.04% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Fosston, Minnesota
Understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes in Fosston, Minnesota. 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 Mahnomen 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 Fosston, 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 Fosston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 56542 has both the highest and lowest median tax bill at $1,506, providing a benchmark for property owners in the area.
Average Fosston Assessed Value
$163,900
Average Mahnomen County Assessed Value
$124,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fosston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56542 | $47,060 | $99,250 | $163,900 | $226,100 | $428,620 |
Source: Ownwell
Property Tax Bills Across Fosston, Minnesota
In Fosston, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This value reflects the home's market value, and the tax rate is applied to this assessed value. In Mahnomen County, where Fosston is located, the median home price is $163,900. Homeowners can expect a property tax bill that varies widely based on their home's value and specific circumstances. For instance, the 25th percentile of tax bills is $1,014, while the 75th percentile reaches $2,110, and the 90th percentile can go up to $2,660. These figures illustrate the range of property tax burdens homeowners might face. The highest and lowest median tax bills in the county both stand at $1,506, reflecting a relatively narrow range in median property tax rates compared to the national median property tax rate of 0.99%. This variability can significantly impact homeowners, influencing their overall financial planning and housing affordability.
Average Fosston Tax Bill
$1,506
Average Mahnomen County Tax Bill
$1,156
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Fosston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56542 | $768 | $1,014 | $1,506 | $2,110 | $2,660 |
Source: Ownwell