Tamarack, Minnesota Property Taxes
The median property tax rate in Tamarack, MN is 0.51%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Tamarack at $149,800, the typical annual property tax bill amounts to $701, which is well below the national median of $2,690. Property taxes in Tamarack are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tamarack'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 Tamarack 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
Tamarack, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$764
Ownwell’s Tamarack Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Tamarack. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Tamarack to provide an estimate of your property tax bill. This tool offers clear insight into your potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed information, including neighborhood-level trends, additional localized data is available. Your property’s assessed value, determined by Aitkin County, is used for tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Tamarack, Minnesota
Property taxes in Tamarack, Minnesota, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Tamarack is 0.51%, which is lower than the U.S. national median of 0.99%. Local government entities within Tamarack set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tamarack 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 Tamarack's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55787 has both the highest and lowest median property tax rate of 0.51%. Understanding how these areas compare with Tamarack 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 Tamarack Tax Rate
0.51%
Average Aitkin County Tax Rate
0.51%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tamarack, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55787 | 0.34% | 0.44% | 0.51% | 0.56% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Tamarack, Minnesota
In Tamarack, 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 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 Tamarack, 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 Tamarack helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tamarack is $149,800. Notably, the highest median tax bill in the area is $701, found in zip code 55787.
Average Tamarack Assessed Value
$149,800
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 Tamarack, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55787 | $42,480 | $83,300 | $149,800 | $233,450 | $362,380 |
Source: Ownwell
Property Tax Bills Across Tamarack, Minnesota
Property tax bills in Tamarack, located in Aitkin County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. In Tamarack, the median home price is $149,800. Property tax bills can vary significantly, with the 25th percentile tax bill at $365 and the 75th percentile tax bill at $1,125. For those in the 90th percentile, the tax bill can reach up to $1,961. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners in Tamarack should be aware of these factors as they influence both the affordability of homeownership and the overall value received from public services. Compared to the national median property tax rate of 0.99%, Tamarack's property tax rates reflect regional economic conditions and local governance priorities.
Average Tamarack Tax Bill
$701
Average Aitkin County Tax Bill
$932
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Tamarack, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55787 | $221 | $365 | $701 | $1,125 | $1,961 |
Source: Ownwell