Forbes, Minnesota Property Taxes
The median property tax rate in Forbes, Minnesota is 0.78%, 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 Forbes, the typical annual property tax bill amounts to $798, significantly below the national median of $2,690. Property taxes in Forbes are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Forbes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Forbes 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
Forbes, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$855
Ownwell’s FORBES Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORBES with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORBES 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 Forbes, Minnesota
Property taxes in Forbes, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forbes is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Forbes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forbes 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 Forbes' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55738 zip code has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these cities compare with Forbes 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 Forbes Tax Rate
0.78%
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 Forbes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55738 | 0.44% | 0.63% | 0.78% | 0.99% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Forbes, Minnesota
In Forbes, 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's Office 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 Forbes, 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 Forbes is $109,600, with tax bills varying significantly. For example, the 25th percentile tax bill is $498, while the 75th percentile tax bill is $1,256, and the 90th percentile tax bill reaches $1,782. The zip code 55738 has the highest and lowest median tax bill at $798. 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 Forbes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Forbes Assessed Value
$109,600
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 Forbes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55738 | $41,100 | $64,050 | $109,600 | $175,100 | $221,000 |
Source: Ownwell
Property Tax Bills Across Forbes, Minnesota
In Forbes, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Homeowners in Forbes experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $498, while at the 75th percentile, it rises to $1256. At the 90th percentile, homeowners can expect to pay around $1782. These figures indicate a significant variation in tax bills, influenced by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, Forbes' tax rate and resultant bills may seem relatively moderate. However, the impact on homeowners can vary widely, affecting their annual financial planning and overall housing affordability.
Average Forbes Tax Bill
$798
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 Forbes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55738 | $303 | $498 | $798 | $1,256 | $1,782 |
Source: Ownwell