Barnum, Minnesota Property Taxes
The median property tax rate in Barnum, MN is 0.90%, lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Barnum, the typical annual property tax bill reaches $1,834, which is below the national median of $2,690. Property taxes in Barnum are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Barnum'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 Barnum 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
Barnum, 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 Barnum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barnum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barnum 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 Barnum, Minnesota
Property taxes in Barnum, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barnum is 1.11%, higher than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Barnum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barnum 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 Barnum's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55707 zip code has the highest median property tax rate of 1.11%, while the same 55707 zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Barnum provides valuable insights into the varying tax landscape across Carlton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barnum Tax Rate
0.90%
Average Carlton County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barnum, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55707 | 0.72% | 0.83% | 0.90% | 0.98% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Barnum, Minnesota
In Barnum, 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 Carlton 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 Barnum, 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 Barnum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Barnum is $193,400, with the 25th percentile tax bill at $970 and the 75th percentile tax bill at $2,812. The highest and lowest median tax bills, both at $1,834, are found in the 55707 zip code.
Average Barnum Assessed Value
$193,400
Average Carlton County Assessed Value
$213,450
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barnum, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55707 | $58,050 | $109,800 | $193,400 | $290,275 | $388,500 |
Source: Ownwell
Property Tax Bills Across Barnum, Minnesota
In Barnum, located in Carlton County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Barnum is $193,400, and this value is assessed to determine the property tax owed by homeowners. The local tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and any improvements made to the home can influence the assessed value. For homeowners in Barnum, the tax bill can vary significantly. For instance, the 25th percentile tax bill is around $970, while the 75th percentile reaches $2,812. At the 90th percentile, homeowners might see tax bills as high as $3,744. Comparatively, Carlton County's highest and lowest median tax bills both stand at $1,834, reflecting a consistent tax environment within the zip code 55707. These taxes impact homeowners by adding a significant annual expense, which is essential for budgeting and financial planning.
Average Barnum Tax Bill
$1,834
Average Carlton County Tax Bill
$2,610
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Barnum, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55707 | $548 | $970 | $1,834 | $2,812 | $3,744 |
Source: Ownwell