Esko, Minnesota Property Taxes
The median property tax rate in Esko, MN is 1.09%, slightly higher than the national median of 0.99% but just below the Minnesota state median of 1.11%. With a median home value of $232,900 in Esko, the typical annual property tax bill amounts to $2,549, which is still under the national median of $2,690. Property taxes in Esko are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Esko'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 Esko 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
Esko, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$2,539
Ownwell’s Esko Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Esko with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Esko 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 Esko, Minnesota
Property taxes in Esko, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Esko is 1.09%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Esko set these rates annually, and they can vary across different neighborhoods. Each year, Esko 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 Esko's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55733 has both the highest and lowest median property tax rate of 1.09%. Understanding how these areas compare with Esko 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 Esko 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 Esko, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55733 | 0.98% | 1.04% | 1.09% | 1.12% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Esko, Minnesota
In Esko, 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 Esko, 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 Esko helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Esko is $232,900, with the highest median tax bill found in zip code 55733 at $2,549.
Average Esko Assessed Value
$232,900
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 Esko, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55733 | $165,780 | $206,900 | $232,900 | $263,750 | $307,980 |
Source: Ownwell
Property Tax Bills Across Esko, Minnesota
Property tax bills in Esko, located in St. Louis County, MN, are determined based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value of the home, which in Esko has a median home price of $232,900. The tax rate in Esko is influenced by the county’s budgetary needs and other local factors. Homeowners in Esko can expect a range of tax bills depending on various factors such as property size, location, and improvements. For example, the 25th percentile tax bill is around $2,202, while the 75th percentile tax bill reaches up to $2,912. At the 90th percentile, homeowners might see tax bills as high as $3,387. Comparatively, the highest and lowest median tax bills in the area both stand at $2,549 in the zip code 55733. These property taxes contribute significantly to local services and infrastructure, impacting homeowners by supporting community resources while also representing a substantial annual expense.
Average Esko Tax Bill
$2,549
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 Esko, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55733 | $1,943 | $2,202 | $2,549 | $2,912 | $3,387 |
Source: Ownwell