Foley, Minnesota Property Taxes
The median property tax rate in Foley, MN is 0.81%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Foley at $283,800, the typical annual property tax bill amounts to $2,814, slightly above the national median of $2,690. Property taxes in Foley are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Foley's property tax system, exploring available exemptions, and identifying potential reductions, homeowners can achieve significant annual savings. Whether residing in the heart of Foley or other parts of the city, gaining insight into the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Foley, 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 Foley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Foley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foley 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 Foley, Minnesota
Property taxes in Foley, Minnesota, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Foley is 1.14%, higher than both the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Foley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foley 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 Foley's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56329 zip code has the highest median property tax rate of 1.14%, while the 56329 zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Foley provides valuable insights into the varying tax landscape across Sherburne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Foley Tax Rate
0.81%
Average Sherburne County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56329 | 0.57% | 0.72% | 0.81% | 1.83% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Foley, Minnesota
In Foley, Minnesota, understanding the distinction between "market value" and "assessed value" is essential for comprehending property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Sherburne 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 Foley, 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 Foley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Foley is $2,814 in zip code 56329, which is also the lowest median tax bill.
Average Foley Assessed Value
$283,800
Average Sherburne County Assessed Value
$345,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Foley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56329 | $173,420 | $203,300 | $283,800 | $510,900 | $524,520 |
Source: Ownwell
Property Tax Bills Across Foley, Minnesota
In Foley, Sherburne County, MN, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Foley is $283,800. Local taxing authorities apply a specific tax rate to this assessed value to calculate the final tax bill. For instance, if your home falls within the 25th percentile of tax bills, you might pay around $2,506 annually, whereas homes in the 75th percentile could see tax bills as high as $4,140. The highest tax bills, in the 90th percentile, can reach up to $4,912. These tax bills fund essential services like schools, infrastructure, and public safety, directly impacting homeowners by ensuring their community remains well-maintained and functional. Compared to the national median property tax rate of 0.99%, Foley's rates reflect the local economic conditions and the value placed on community services. Understanding these factors helps homeowners anticipate their financial responsibilities and the benefits they receive from their contributions.
Average Foley Tax Bill
$2,814
Average Sherburne County Tax Bill
$3,686
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Foley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56329 | $2,230 | $2,506 | $2,814 | $4,140 | $4,912 |
Source: Ownwell