Cook County Property Taxes
The median property tax rate in Cook County is 0.72%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Cook County at $271,500, the typical annual property tax bill amounts to $1,970, significantly below the national median of $2,690. Property taxes in Cook County are determined based on the tax assessed value, which often falls short of the actual market value due to various property tax exemptions, such as primary residence and agricultural exemptions. Understanding Cook County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can lead to substantial annual savings. Whether you reside in Grand Marais or another part of Cook County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cook County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,955
Ownwell’s Cook County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Cook County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Cook County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Cook County, Minnesota
Property taxes in Cook County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Cook County is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Cook County set these rates annually, and they can vary significantly between different areas within the county. Each year, Cook County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Tofte has one of the higher property tax rates in Minnesota at 0.80%, while the city of Grand Portage boasts one of the lowest at 0.68%. Analyzing how Cook County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Cook County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cook County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Grand Marais | 0.53% | 0.63% | 0.71% | 0.80% | 0.98% |
| Grand Portage | 0.54% | 0.60% | 0.68% | 0.70% | 0.73% |
| Hovland | 0.53% | 0.65% | 0.70% | 0.75% | 1.12% |
| Lutsen | 0.58% | 0.69% | 0.73% | 0.82% | 0.82% |
| Schroeder | 0.52% | 0.67% | 0.73% | 0.82% | 0.92% |
| Tofte | 0.59% | 0.71% | 0.80% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Cook County, Minnesota
Understanding the difference between "market value" and "assessed value" is key to comprehending property taxes in Cook County, Minnesota. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Cook County Appraisal District. The assessed value, however, 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. Assessment notices in Cook County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Lutsen has the highest median tax bill at $2,515, while Hovland has the lowest at $1,394. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Cook County Assessed Value
$271,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cook County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Grand Marais | $85,710 | $170,175 | $268,400 | $399,850 | $551,910 |
| Grand Portage | $94,900 | $154,400 | $281,300 | $360,150 | $424,800 |
| Hovland | $63,700 | $94,100 | $186,500 | $349,500 | $561,280 |
| Lutsen | $94,800 | $201,350 | $340,350 | $526,950 | $749,950 |
| Schroeder | $71,050 | $170,775 | $207,400 | $503,800 | $765,360 |
| Tofte | $78,840 | $154,200 | $303,100 | $474,500 | $685,400 |
Source: Ownwell
Property Tax Bills Across Cook County, Minnesota
In Cook County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property location, market conditions, and any applicable exemptions influence the assessed value. For instance, homeowners in Cook County can see a wide range of tax bills depending on their property's assessed value and location. The median home price in Cook County is $271,500, with tax bills ranging significantly. At the 25th percentile, homeowners might pay around $1,057, while those at the 75th percentile could see bills as high as $3,135. In some areas like Lutsen, the highest median tax bill reaches $2,515, compared to Hovland, which has the lowest median tax bill at $1,394. These variations can significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Cook County Tax Bill
$1,970
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cook County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Grand Marais | $554 | $1,112 | $1,944 | $2,990 | $4,215 |
| Grand Portage | $258 | $982 | $1,812 | $2,449 | $2,964 |
| Hovland | $379 | $640 | $1,394 | $2,734 | $4,137 |
| Lutsen | $686 | $1,421 | $2,515 | $3,776 | $5,881 |
| Schroeder | $506 | $957 | $1,738 | $3,403 | $5,994 |
| Tofte | $527 | $1,116 | $2,483 | $4,094 | $5,873 |
Source: Ownwell