Redby, Minnesota Property Taxes
The median property tax rate in Redby, MN is 1.12%, slightly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Redby, the typical annual property tax bill reaches $82, which is significantly lower than the national median of $2,690. Property taxes in Redby are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Redby'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 Redby 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
Redby, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$82
Ownwell’s Redby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Redby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Redby 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 Redby, Minnesota
Property taxes in Redby, Minnesota, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Redby is 1.12%, which is higher than the U.S. national median of 0.99%. Local government entities in Redby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Redby 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 Redby's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56670 has the highest and lowest median property tax rate of 1.12%. Understanding how these areas compare with Redby 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 Redby Tax Rate
1.12%
Average Beltrami County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Redby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56670 | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Redby, Minnesota
In Redby, 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 Redby, 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. The median home price in Redby is $7,300, and tax bills range from $82 at the 25th percentile to $82 at the 90th percentile. Being aware of these valuation processes in Redby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Redby Assessed Value
$7,300
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 Redby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56670 | $7,300 | $7,300 | $7,300 | $7,300 | $7,300 |
Source: Ownwell
Property Tax Bills Across Redby, Minnesota
In Redby, located in Beltrami County, MN, property tax bills are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Redby, the median home price is $7,300. Given the uniformity in tax bills, with the 25th, 75th, and 90th percentiles all at $82, it is clear that the tax rate is relatively stable across different property values. Several factors influence the assessed value, including the property's market value, its size, and any improvements made. Property taxes fund essential local services such as schools, public safety, and infrastructure maintenance, directly impacting the community's quality of life. Homeowners in Redby benefit from relatively low property tax bills compared to the national median property tax rate of 0.99%. This affordability can make homeownership more accessible and financially manageable, contributing to the overall appeal of living in Redby.
Average Redby Tax Bill
$82
Average Beltrami County Tax Bill
$1,559
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Redby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56670 | $82 | $82 | $82 | $82 | $82 |
Source: Ownwell