Bejou, Minnesota Property Taxes
The median property tax rate in Bejou, MN is 0.82%, 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 $139,100 in Bejou, the typical annual property tax bill is around $1,110, significantly below the national median of $2,690. Property taxes in Bejou are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bejou'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 Bejou or another part of Norman County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bejou, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,141
Ownwell’s Bejou Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bejou with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bejou 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 Bejou, Minnesota
Property taxes in Bejou, Minnesota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bejou is 0.82%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Bejou set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bejou 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 Bejou's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56516 has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Bejou provides valuable insights into the varying tax landscape across Norman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bejou Tax Rate
0.82%
Average Norman County Tax Rate
1.16%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bejou, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56516 | 0.73% | 0.80% | 0.82% | 0.83% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Bejou, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bejou, 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 Norman 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 Bejou, 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. For instance, the median home price in Bejou is $139,100, with tax bills ranging from $810 at the 25th percentile to $2,362 at the 90th percentile. The highest and lowest median tax bills, both at $1,110, are found in zip code 56516. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bejou Assessed Value
$139,100
Average Norman County Assessed Value
$94,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bejou, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56516 | $80,020 | $114,700 | $139,100 | $203,600 | $285,140 |
Source: Ownwell
Property Tax Bills Across Bejou, Minnesota
In Bejou, Norman County, MN, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The median home price in Bejou is $139,100, which serves as the basis for determining property taxes. The tax bill can vary significantly, with the 25th percentile at $810 and the 75th percentile at $1,650, reflecting differences in property values and tax rates within the area. At the 90th percentile, homeowners might see tax bills as high as $2,362. Several factors influence the final tax bill, including property assessments, local tax rates, and any applicable exemptions or deductions. These elements can significantly affect homeowners, impacting their annual financial planning and overall housing affordability. For comparison, the national median property tax rate is 0.99%, which provides a benchmark for understanding how Bejou's rates align with broader trends. Homeowners in Bejou should stay informed about their property assessments and any changes in local tax policies to effectively manage their tax obligations.
Average Bejou Tax Bill
$1,110
Average Norman County Tax Bill
$979
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bejou, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56516 | $661 | $810 | $1,110 | $1,650 | $2,362 |
Source: Ownwell