Thief River Falls, Minnesota Property Taxes
The median property tax rate in Thief River Falls, MN 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 Thief River Falls at $160,750, the typical annual property tax bill reaches $902, significantly below the national median of $2,690. Property taxes in Thief River Falls 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 Thief River Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Thief River Falls 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
Thief River Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,013
Ownwell’s Thief River Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thief River Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thief River Falls 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 Thief River Falls, Minnesota
Property taxes in Thief River Falls, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thief River Falls is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Thief River Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thief River Falls 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 Thief River Falls' effective property tax rate to other regions and the national median. For comparison, the zip code 56701 has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these figures compare with Thief River Falls provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thief River Falls Tax Rate
0.63%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thief River Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56701 | 0.39% | 0.52% | 0.63% | 0.69% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Thief River Falls, Minnesota
In Thief River Falls, 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 assessment authorities 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 Thief River Falls, 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 Thief River Falls 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 $902, associated with the zip code 56701.
Property Tax Assessment Values Across Thief River Falls, Minnesota
Source: Ownwell
$60,200
$117,600
$175,000
Average Thief River Falls Assessed Value
$160,750
Average Marshall County Assessed Value
$114,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thief River Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56701 | $19,350 | $68,700 | $160,750 | $248,850 | $345,950 |
Source: Ownwell
Property Tax Bills Across Thief River Falls, Minnesota
In Thief River Falls, located in Marshall County, MN, property tax bills are calculated based on the assessed value of a home. The county assessor determines this value, which is then used to calculate the tax owed. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. For homeowners in Thief River Falls, the median home price is $160,750. Property tax bills can vary significantly: the 25th percentile tax bill is $372, while the 75th percentile reaches $1,619, and the 90th percentile can go up to $2,205. The highest and lowest median tax bills in the area are both $902, as indicated by the zip code 56701. Compared to the national median property tax rate of 0.99%, homeowners in Thief River Falls may find their tax bills to be relatively moderate, depending on their home's assessed value and specific circumstances. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Thief River Falls Tax Bill
$902
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Thief River Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56701 | $180 | $372 | $902 | $1,619 | $2,205 |
Source: Ownwell