Fosston, Minnesota Property Taxes
The median property tax rate in Fosston, MN is 1.27%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Fosston at $135,400, the typical annual property tax bill reaches $1,653, which is below the national median of $2,690. Property taxes in Fosston 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 Fosston'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 Fosston 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
Fosston, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$1,720
Ownwell’s Fosston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fosston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fosston 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 Polk County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fosston, Minnesota
Property taxes in Fosston, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Fosston is 1.27%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Fosston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fosston 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 Fosston's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56542 has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Fosston 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 Fosston Tax Rate
1.27%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fosston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56542 | 0.60% | 1.02% | 1.27% | 1.46% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Fosston, Minnesota
In Fosston, 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 Fosston, 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 Fosston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Fosston are both $1653, found in the zip code 56542.
Average Fosston Assessed Value
$135,400
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 Fosston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56542 | $57,840 | $85,950 | $135,400 | $214,100 | $317,620 |
Source: Ownwell
Property Tax Bills Across Fosston, Minnesota
In Fosston, located in Polk County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Various factors influence the assessed value, including the market value of similar homes in the area, the condition of the property, and any improvements or additions made to the home. Homeowners in Fosston experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $1,152, while at the 75th percentile, it reaches $2,328. For those at the 90th percentile, the tax bill can go up to $3,188. The median home price in Fosston is $135,400, which is a critical factor in determining the tax bill. Compared to the national median property tax rate of 0.99%, Fosston's property taxes can significantly impact homeowners, influencing their overall financial planning and homeownership costs.
Average Fosston Tax Bill
$1,653
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Fosston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56542 | $840 | $1,152 | $1,653 | $2,328 | $3,188 |
Source: Ownwell