Mahnomen, Minnesota Property Taxes
The median property tax rate in Mahnomen, MN is 0.88%, 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 $112,850 in Mahnomen, the typical annual property tax bill amounts to $998, significantly below the national median of $2,690. Property taxes in Mahnomen are based on the tax assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Mahnomen'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 Mahnomen or another part of the county, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mahnomen, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$993
Ownwell’s Mahnomen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mahnomen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mahnomen 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 Mahnomen, Minnesota
Property taxes in Mahnomen, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mahnomen is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Mahnomen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mahnomen 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 Mahnomen's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56557 zip code has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Mahnomen 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 Mahnomen Tax Rate
0.88%
Average Mahnomen County Tax Rate
1.01%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mahnomen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56557 | 0.67% | 0.78% | 0.88% | 1.14% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Mahnomen, Minnesota
In Mahnomen, 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 local 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 Mahnomen, 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 Mahnomen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $998, found in zip code 56557.
Average Mahnomen Assessed Value
$112,850
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 Mahnomen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56557 | $39,580 | $65,875 | $112,850 | $176,475 | $256,180 |
Source: Ownwell
Property Tax Bills Across Mahnomen, Minnesota
Property tax bills in Mahnomen, MN, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The median home price in Mahnomen is $112,850. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Mahnomen can expect a range of tax bills depending on their property's value. For instance, the tax bill at the 25th percentile is $624, while at the 75th percentile, it reaches $1,578. At the 90th percentile, it can go up to $2,227. Compared to the national median property tax rate of 0.99%, Mahnomen's tax rates can vary but generally align with national trends. This system ensures that property taxes are proportionate to the property's value, impacting homeowners' annual expenses and potentially influencing decisions on property improvements and investments.
Average Mahnomen Tax Bill
$998
Average Mahnomen County Tax Bill
$1,156
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mahnomen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56557 | $433 | $624 | $998 | $1,578 | $2,227 |
Source: Ownwell