Mountain Iron, Minnesota Property Taxes
The median property tax rate in Mountain Iron, MN is 0.88%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Mountain Iron, the typical annual property tax bill reaches $983, significantly below the national median of $2,690. Property taxes in Mountain Iron 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 Mountain Iron'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 Mountain Iron 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
Mountain Iron, 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 Mountain Iron Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Mountain Iron. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Mountain Iron to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Mountain Iron, Minnesota
Property taxes in Mountain Iron, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mountain Iron is 0.88%, slightly lower than the U.S. national median of 0.99%. Local government entities within Mountain Iron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mountain Iron 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 Mountain Iron's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55768 has both the highest and the lowest median property tax rate of 0.88%. Understanding how these cities compare with Mountain Iron 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 Mountain Iron Tax Rate
0.88%
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 Mountain Iron, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55768 | 0.42% | 0.67% | 0.88% | 1.08% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Mountain Iron, Minnesota
In Mountain Iron, 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 Mountain Iron, 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 Mountain Iron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mountain Iron is $129,200, with tax bills ranging from $366 at the 25th percentile to $2,793 at the 90th percentile. The highest and lowest median tax bills are both $983 in the 55768 zip code.
Average Mountain Iron Assessed Value
$129,200
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 Mountain Iron, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55768 | $7,840 | $62,625 | $129,200 | $199,000 | $295,230 |
Source: Ownwell
Property Tax Bills Across Mountain Iron, Minnesota
In Mountain Iron, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate in St. Louis County is applied to this assessed value to determine the annual tax bill. Factors such as the property's market value, any applicable exemptions, and local tax levies play significant roles in this calculation. For homeowners in Mountain Iron, the median home price is $129,200. The 25th percentile tax bill is $366, while the 75th percentile reaches $1,742. For those at the 90th percentile, the tax bill can be as high as $2,793. The highest and lowest median tax bills in the area are both $983, indicating a relatively consistent tax rate within the 55768 zip code. Compared to the national median property tax rate of 0.99%, homeowners in Mountain Iron may experience varying tax obligations based on their property's assessed value and specific local tax policies, impacting their annual financial planning.
Average Mountain Iron Tax Bill
$983
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 Mountain Iron, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55768 | $82 | $366 | $983 | $1,742 | $2,793 |
Source: Ownwell