Crookston, Minnesota Property Taxes
The median property tax rate in Crookston, MN is 1.41%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Crookston at $148,400, the typical annual property tax bill reaches $2,046, which is below the national median of $2,690. Property taxes in Crookston 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 Crookston'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 Crookston or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Crookston, 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 Crookston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crookston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crookston 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 Crookston, Minnesota
Property taxes in Crookston, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crookston is 1.41%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Crookston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crookston 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 Crookston's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56716 has the highest median property tax rate of 1.41%, while the same zip code, 56716, also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Crookston provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crookston Tax Rate
1.41%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crookston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56716 | 0.93% | 1.25% | 1.41% | 1.57% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Crookston, Minnesota
In Crookston, 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 Polk 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 Crookston, 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. In Crookston, the median home price is $148,400, with tax bills ranging from the 25th percentile at $1,354 to the 90th percentile at $3,795. The zip code 56716 has both the highest and lowest median tax bills, valued at $2,046. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Crookston Assessed Value
$148,400
Average Polk County Assessed Value
$183,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crookston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56716 | $56,120 | $93,100 | $148,400 | $216,850 | $299,080 |
Source: Ownwell
Property Tax Bills Across Crookston, Minnesota
In Crookston, Polk County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is an estimate of the market value of the property, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, the median home price in Crookston is $148,400. Given the national median property tax rate of 0.99%, homeowners in Crookston can expect to pay a similar rate, though local rates may vary. Several factors influence the tax bill, including property size, location, and any improvements made to the property. Homeowners in the 25th percentile of tax bills pay around $1,354 annually, while those in the 75th percentile can expect to pay approximately $2,860. The 90th percentile sees tax bills as high as $3,795. These tax obligations can significantly impact homeowners, influencing their financial planning and the overall affordability of owning a home in Crookston.
Average Crookston Tax Bill
$2,046
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Crookston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56716 | $898 | $1,354 | $2,046 | $2,860 | $3,795 |
Source: Ownwell