Jacobson, Minnesota Property Taxes
The median property tax rate in Jacobson, MN is 0.55%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Jacobson, the typical annual property tax bill reaches $666, significantly below the national median of $2,690. Property taxes in Jacobson 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 Jacobson'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 Jacobson 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
Jacobson, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$757
Ownwell’s Jacobson Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Jacobson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jacobson 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 Jacobson, Minnesota
Property taxes in Jacobson, Minnesota, play a critical role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jacobson is 0.55%, which is significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Jacobson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jacobson 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 Jacobson's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55752 has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Jacobson provides valuable insights into the varying tax landscape across Aitkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jacobson Tax Rate
0.55%
Average Aitkin County Tax Rate
0.51%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jacobson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55752 | 0.33% | 0.42% | 0.55% | 0.68% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Jacobson, Minnesota
In Jacobson, 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 Aitkin 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 Jacobson, 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 Jacobson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 55752, with a median tax bill of $666, while the same zip code also has the lowest median tax bill of $666.
Average Jacobson Assessed Value
$137,600
Average Aitkin County Assessed Value
$189,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jacobson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55752 | $33,140 | $75,250 | $137,600 | $238,200 | $322,140 |
Source: Ownwell
Property Tax Bills Across Jacobson, Minnesota
In Jacobson, located in Aitkin County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in Jacobson is $137,600, and the property tax rate is derived from this assessed value. Factors such as the property's location, size, and improvements contribute to its assessed value. Homeowners in Jacobson can expect their tax bills to vary widely; for instance, the 25th percentile tax bill is $352, while the 75th percentile tax bill reaches $1218, and the 90th percentile tax bill is as high as $1876. These tax bills significantly impact homeowners, as they must budget for these expenses annually. Compared to the national median property tax rate of 0.99%, the property tax burden in Jacobson can be relatively moderate or high, depending on the specific assessed value of the property. Understanding these factors is crucial for homeowners to anticipate their tax obligations and manage their finances effectively.
Average Jacobson Tax Bill
$666
Average Aitkin County Tax Bill
$932
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Jacobson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55752 | $167 | $352 | $666 | $1,218 | $1,876 |
Source: Ownwell