Pennington, Minnesota Property Taxes
The median property tax rate in Pennington, Minnesota is 0.83%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $149,000 in Pennington, the typical annual property tax bill amounts to $1,176, falling below the national median of $2,690. Property taxes in Pennington are calculated based on the tax assessed value, which often is less than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Pennington'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 Pennington 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
Pennington, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,237
Ownwell’s Pennington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pennington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pennington 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 Pennington, Minnesota
Property taxes in Pennington, Minnesota, play an essential role in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Pennington is 1.06%, which is higher than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Pennington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pennington 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 Pennington's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56663 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these areas compare with Pennington provides valuable insights into the varying tax landscape across Beltrami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pennington Tax Rate
0.83%
Average Beltrami County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pennington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56663 | 0.59% | 0.73% | 0.83% | 0.91% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Pennington, Minnesota
In Pennington, 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 Beltrami 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 Pennington, 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 Pennington 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 56663, with a median tax bill of $1,176, while the lowest median tax bill is also in zip code 56663, with the same value.
Average Pennington Assessed Value
$149,000
Average Beltrami County Assessed Value
$190,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pennington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56663 | $34,290 | $74,000 | $149,000 | $250,550 | $374,720 |
Source: Ownwell
Property Tax Bills Across Pennington, Minnesota
In Pennington, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the property tax rate set by local taxing authorities. For example, the median home price in Pennington is $149,000. Homeowners in this area can expect to pay a median property tax bill that varies significantly, from $606 at the 25th percentile to $2,996 at the 90th percentile. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or abatements. Higher-value homes will naturally incur higher tax bills. For instance, the highest median tax bill in the area is $1,176 in the zip code 56663, which aligns with the county's overall tax rate. Compared to the national median property tax rate of 0.99%, homeowners in Pennington may find their tax rates to be competitive, affecting their overall cost of homeownership and potentially influencing their decision to buy or sell property in the area.
Average Pennington Tax Bill
$1,176
Average Beltrami County Tax Bill
$1,559
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Pennington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56663 | $338 | $606 | $1,176 | $2,086 | $2,996 |
Source: Ownwell