Cloquet, Minnesota Property Taxes
The median property tax rate in Cloquet, MN is 1.47%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Cloquet at $201,600, the typical annual property tax bill reaches $2,934, exceeding the national median of $2,690. Property taxes in Cloquet 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 Cloquet'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 Cloquet 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
Cloquet, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$2,964
Ownwell’s Cloquet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cloquet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cloquet 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 Cloquet, Minnesota
Property taxes in Cloquet, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cloquet is 1.47%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Cloquet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cloquet 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 Cloquet's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55720 zip code has both the highest and lowest median property tax rate of 1.47%. Understanding how these cities compare with Cloquet 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 Cloquet Tax Rate
1.47%
Average Carlton County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cloquet, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55720 | 1.12% | 1.36% | 1.47% | 1.56% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Cloquet, Minnesota
In Cloquet, 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 Assessor 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 Cloquet, 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 Cloquet 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 55720, with a median tax bill of $2,934, which is above the national median property tax rate of 0.99%.
Average Cloquet Assessed Value
$201,600
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 Cloquet, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55720 | $96,320 | $149,100 | $201,600 | $271,100 | $364,520 |
Source: Ownwell
Property Tax Bills Across Cloquet, Minnesota
Property tax bills in Cloquet, located in Carlton County, MN, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the market value, which in Cloquet has a median home price of $201,600. The local tax rate is applied to this assessed value to calculate the annual tax bill. Factors influencing the tax bill include property size, location, and any applicable exemptions or abatements. For homeowners in Cloquet, property tax bills can vary significantly. The 25th percentile of tax bills is $2,086, while those in the 75th percentile pay around $3,986. The 90th percentile sees tax bills as high as $5,364. The median property tax bill in Cloquet is $2,934, which is higher than the national median property tax rate of 0.99%. This variation affects homeowners differently, impacting their financial planning and the overall affordability of homeownership in the area.
Average Cloquet Tax Bill
$2,934
Average Carlton County Tax Bill
$2,610
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cloquet, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55720 | $1,322 | $2,086 | $2,934 | $3,986 | $5,364 |
Source: Ownwell