Biwabik, Minnesota Property Taxes
The median property tax rate in Biwabik, MN is 1.66%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Biwabik, the typical annual property tax bill reaches $656, which is lower than the national median of $2,690. Property taxes in Biwabik 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 Biwabik'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 Biwabik 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
Biwabik, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$921
Ownwell’s Biwabik Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Biwabik with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Biwabik 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 Biwabik, Minnesota
Property taxes in Biwabik, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Biwabik is 1.66%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Biwabik set these rates annually, and they can vary significantly across different neighborhoods. Each year, Biwabik 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 Biwabik's effective property tax rate to other areas in St. Louis County and the national median. For comparison, the 55705 zip code has the highest median property tax rate of 2.09%, while the 55708 zip code has the lowest median tax rate of 1.34%. Understanding how these areas compare with Biwabik 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 Biwabik Tax Rate
1.66%
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 Biwabik, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55705 | 2.09% | 2.09% | 2.09% | 2.09% | 2.10% |
| 55708 | 0.80% | 1.01% | 1.34% | 2.16% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Biwabik, Minnesota
In Biwabik, 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 Assessor 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 Biwabik, 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 Biwabik helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $710 in the 55708 zip code, while the lowest is $371 in the 55705 zip code.
Average Biwabik Assessed Value
$55,500
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 Biwabik, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55705 | $10,700 | $11,700 | $17,750 | $28,125 | $83,250 |
| 55708 | $3,000 | $31,850 | $61,900 | $85,100 | $112,120 |
Source: Ownwell
Property Tax Bills Across Biwabik, Minnesota
In Biwabik, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. Several factors influence this calculation, including the property's market value, any applicable exemptions, and the specific tax rate set by local authorities. For homeowners in Biwabik, the median home price stands at $55,500. Property tax bills can vary significantly, with the 25th percentile at $300 and the 75th percentile reaching $1,200. At the higher end, the 90th percentile tax bill can be as much as $1,962. The highest median tax bill in the region is $710 in the 55708 zip code, while the lowest is $371 in the 55705 zip code. These tax bills can impact homeowners' finances, making it crucial to understand the factors that contribute to their property tax obligations.
Average Biwabik Tax Bill
$656
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 Biwabik, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55705 | $224 | $244 | $371 | $588 | $1,746 |
| 55708 | $86 | $371 | $710 | $1,263 | $1,972 |
Source: Ownwell