Babbitt, Minnesota Property Taxes
The median property tax rate in Babbitt, MN is 1.09%, which is higher than the national median of 0.99% but slightly below the Minnesota state median of 1.11%. With a median home value of $82,050, the typical annual property tax bill in Babbitt amounts to $910, significantly lower than the national median of $2,690. Property taxes in Babbitt are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Babbitt's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Babbitt or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Babbitt, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$894
Ownwell’s Babbitt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Babbitt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Babbitt 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 Babbitt, Minnesota
Property taxes in Babbitt, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Babbitt is 1.09%, which is higher than the U.S. national median of 0.99%. Local government entities within Babbitt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Babbitt 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 Babbitt's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55706 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Babbitt provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Babbitt Tax Rate
1.09%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Babbitt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55706 | 0.68% | 0.82% | 1.09% | 1.47% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Babbitt, Minnesota
In Babbitt, 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 St. Louis 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 Babbitt, 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. The median home price in Babbitt is $82,050, with tax bills ranging from $490 at the 25th percentile to $2,620 at the 90th percentile. 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 Babbitt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Babbitt Assessed Value
$82,050
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Babbitt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55706 | $15,370 | $57,875 | $82,050 | $119,775 | $214,170 |
Source: Ownwell
Property Tax Bills Across Babbitt, Minnesota
In Babbitt, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Babbitt is $82,050, which serves as a baseline for determining your tax bill. Various factors influence the final amount, including property size, improvements, and overall market conditions. Homeowners in Babbitt can expect their tax bills to vary significantly. For instance, at the 25th percentile, the tax bill is around $490, while at the 75th percentile, it rises to $1,556. The 90th percentile sees a tax bill of $2,620. The median tax bill in the area is $910, which is below the national median property tax rate of 0.99%. Understanding these figures helps homeowners anticipate their financial obligations better. Lower tax bills can make homeownership more affordable, while higher bills may necessitate budget adjustments. Thus, being aware of how property taxes are calculated can provide valuable insights for both current and prospective homeowners in Babbitt.
Average Babbitt Tax Bill
$910
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Babbitt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55706 | $182 | $490 | $910 | $1,556 | $2,620 |
Source: Ownwell