Beltrami, Minnesota Property Taxes
The median property tax rate in Beltrami, MN is 0.72%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $151,500 in Beltrami, the typical annual property tax bill amounts to $1,098, falling below the national median of $2,690. Property taxes in Beltrami 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. Understanding Beltrami'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 Beltrami 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
Beltrami, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,091
Ownwell’s BELTRAMI Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BELTRAMI with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BELTRAMI 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 Beltrami, Minnesota
Property taxes in Beltrami, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beltrami is 1.03%, higher than both the Minnesota state median of 0.96% and the U.S. national median of 0.99%. Local government entities within Beltrami set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beltrami 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 Beltrami's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56601 has the highest median property tax rate of 1.03%, while zip code 56601 has the lowest median tax rate of 1.03%. Understanding how these cities compare with Beltrami provides valuable insights into the varying tax landscape across Beltrami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beltrami Tax Rate
0.72%
Average Norman County Tax Rate
1.16%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beltrami, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56517 | 0.72% | 0.72% | 0.72% | 0.76% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Beltrami, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Beltrami, 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 local appraisal 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 Beltrami, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $151,500, with tax bills ranging from $1,075 at the 25th percentile to $1,901 at the 90th percentile. Notably, the zip code 56517 has the highest and lowest median tax bill, both at $1,098.
Average Beltrami Assessed Value
$151,500
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 Beltrami, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56517 | $148,140 | $149,400 | $151,500 | $208,150 | $242,140 |
Source: Ownwell
Property Tax Bills Across Beltrami, Minnesota
In Beltrami, located in Norman 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 is periodically reassessed to reflect current market conditions. Factors such as property size, location, and improvements can influence this valuation. For homeowners in Beltrami, the median home price stands at $151,500. Property tax bills in this area vary, with the 25th percentile at $1,075 and the 75th percentile at $1,600. The 90th percentile reaches up to $1,901, indicating that higher-valued properties face significantly larger tax bills. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in Beltrami must budget for these taxes, as they contribute to essential public services like schools, infrastructure, and emergency services. Understanding how these bills are calculated can help residents plan their finances more effectively and anticipate any changes in their tax obligations.
Average Beltrami Tax Bill
$1,098
Average Norman County Tax Bill
$979
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Beltrami, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56517 | $1,061 | $1,075 | $1,098 | $1,600 | $1,901 |
Source: Ownwell