Isle, Minnesota Property Taxes
The median property tax rate in Isle, MN is 0.99%, aligning with the national median but lower than the Minnesota state median of 1.11%. With a median home value of $232,000 in Isle, the typical annual property tax bill amounts to $2,442, slightly below the national median of $2,690. Property taxes in Isle are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. By gaining a deeper understanding of Isle's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Isle or another part of the city, familiarizing yourself with the local property tax system can offer significant financial benefits.
Last Updated June 14, 2024
Isle, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$2,297
Ownwell’s ISLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ISLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ISLE 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 Isle, Minnesota
Property taxes in Isle, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Isle is 1.20%, higher than both the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Isle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Isle 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 Isle's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56342 zip code has the highest median property tax rate of 1.20%, while the 56342 zip code has the lowest median tax rate of 1.20%. Understanding how these cities compare with Isle provides valuable insights into the varying tax landscape across Mille Lacs County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Isle Tax Rate
0.99%
Average Mille Lacs County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Isle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56342 | 0.76% | 0.92% | 0.99% | 1.25% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Isle, Minnesota
In ISLE, 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 Mille Lacs County 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 ISLE, 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. For example, the median home price in ISLE is $232,000, with tax bills ranging from $1,262 at the 25th percentile to $5,029 at the 90th percentile. The highest median tax bill is found in the 56342 zip code, with a value of $2,442. 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 ISLE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Isle Assessed Value
$232,000
Average Mille Lacs County Assessed Value
$240,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Isle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56342 | $63,400 | $135,200 | $232,000 | $345,300 | $465,200 |
Source: Ownwell
Property Tax Bills Across Isle, Minnesota
In Isle, Mille Lacs County, MN, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is based on the market value of the home, which for the median home price in Isle is $232,000. Local taxing authorities then apply the tax rate to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and the specific levies imposed by local government entities. For instance, the tax bill for properties in the 25th percentile is around $1,262, while those in the 75th percentile can expect to pay approximately $3,716. Homeowners in the 90th percentile might see tax bills as high as $5,029. This variation in tax bills affects homeowners differently, depending on the assessed value of their property and the local tax rate. Compared to the national median property tax rate of 0.99%, Isle's tax rates and assessed values create a range of tax obligations that can significantly impact household budgets.
Average Isle Tax Bill
$2,442
Average Mille Lacs County Tax Bill
$2,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Isle, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56342 | $449 | $1,262 | $2,442 | $3,716 | $5,029 |
Source: Ownwell