Mahnomen, Minnesota Property Taxes
The median property tax rate in Mahnomen, MN is 0.66%, 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 in Mahnomen of $192,550, the typical annual property tax bill amounts to $1,348, falling well below the national median of $2,690. Property taxes in Mahnomen are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Mahnomen'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 Mahnomen or another part of Norman 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
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mahnomen is 0.66%, which is lower than both the Minnesota state median and 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 zip code 56557 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Mahnomen 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 Mahnomen Tax Rate
0.66%
Average Norman County Tax Rate
1.16%
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 | 0.61% | 0.61% | 0.66% | 0.72% | 0.78% |
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 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 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 zip code with the highest and lowest median tax bill is 56557, both at $1,348.
Average Mahnomen Assessed Value
$192,550
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 Mahnomen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56557 | $148,950 | $161,025 | $192,550 | $276,100 | $324,670 |
Source: Ownwell
Property Tax Bills Across Mahnomen, Minnesota
In Mahnomen, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county's assessor's office and represents the estimated market value of the property. The tax rate is set by local taxing authorities and is applied to the assessed value to determine the tax bill. Several factors influence the assessed value, including property size, location, and market conditions. Homeowners in Mahnomen can expect a median property tax bill of around $1,348, which is based on the median home price of $192,550. This is notably higher than the national median property tax rate of 0.99%. For homeowners, this means their property tax bill can range significantly. For instance, the 25th percentile tax bill is $1,140, while the 75th percentile reaches $1,705, and the 90th percentile can be as high as $1,916. These variations impact homeowners differently, depending on their property's assessed value and specific circumstances.
Average Mahnomen Tax Bill
$1,348
Average Norman County Tax Bill
$979
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 | $913 | $1,140 | $1,348 | $1,705 | $1,916 |
Source: Ownwell