Twig, Minnesota Property Taxes
The median property tax rate in TWIG, MN is 1.11%, matching the state median but notably higher than the national median of 0.99%. With the median home value in TWIG, the typical annual property tax bill reaches $82, which is significantly lower than the national median of $2,690. Property taxes in TWIG are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding TWIG'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 TWIG or another part of St. Louis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Twig, 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 TWIG Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TWIG with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TWIG 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 Twig, Minnesota
Property taxes in Twig, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Twig is 1.11%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Twig set these rates annually, and they can vary significantly across different neighborhoods. Each year, Twig 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 Twig's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55791 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Twig 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 Twig Tax Rate
1.11%
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 Twig, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55791 | 0.91% | 0.98% | 1.11% | 1.13% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Twig, Minnesota
In TWIG, 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 TWIG, 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. For instance, in TWIG, the 25th percentile tax bill is $45, while the 75th percentile tax bill is $452. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Twig Assessed Value
$7,400
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 Twig, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55791 | $2,040 | $4,050 | $7,400 | $51,550 | $78,040 |
Source: Ownwell
Property Tax Bills Across Twig, Minnesota
In Twig, a city in St. Louis County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and represents an estimate of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Local government budgets and funding requirements also play a significant role in setting the tax rate. For homeowners in Twig, this means that property taxes can vary widely based on these assessments and local fiscal needs. For instance, the tax bill for homeowners in the 25th percentile is $45, while those in the 75th percentile pay around $452. At the 90th percentile, the tax bill rises to $674. This variability underscores the importance of understanding how property values and local tax rates impact overall tax obligations. Compared to the national median property tax rate of 0.99%, Twig's property tax rates reflect local economic and policy conditions.
Average Twig Tax Bill
$82
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 Twig, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55791 | $23 | $45 | $82 | $452 | $674 |
Source: Ownwell