Bigfork, Minnesota Property Taxes
The median property tax rate in Bigfork, MN is 0.99%, matching the national median but lower than the Minnesota state median of 1.11%. With the median home value in Bigfork at $162,500, the typical annual property tax bill amounts to $1,484, which is below the national median of $2,690. Property taxes in Bigfork are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Bigfork'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 Bigfork 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
Bigfork, 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 Bigfork Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bigfork with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Bigfork to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more granular insights, localized neighborhood trends are available further down the page. Your property’s assessed value, determined by Itasca County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Bigfork, Minnesota
Property taxes in Bigfork, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bigfork is 0.99%, aligning with both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Bigfork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bigfork 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 Bigfork's effective property tax rate to other counties in Minnesota and the national median. For comparison, the ZIP code 56628 has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Bigfork provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bigfork Tax Rate
0.99%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bigfork, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56628 | 0.70% | 0.91% | 0.99% | 1.03% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Bigfork, Minnesota
In Bigfork, 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 Itasca County Assessor's Office 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 Bigfork, 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 Bigfork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56628 has the highest and lowest median tax bill of $1,484 in the area, reflecting the local property tax landscape.
Average Bigfork Assessed Value
$162,500
Average Itasca County Assessed Value
$169,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bigfork, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56628 | $42,160 | $85,550 | $162,500 | $263,300 | $391,040 |
Source: Ownwell
Property Tax Bills Across Bigfork, Minnesota
In Bigfork, Itasca County, MN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the market value of the property, which is appraised by local assessors. Various factors, including property size, location, and market conditions, influence this valuation. For homeowners, understanding these bills is crucial. The median home price in Bigfork is $162,500, with tax bills ranging significantly. At the 25th percentile, homeowners might pay around $742 annually, while those at the 75th percentile could see bills as high as $2,517. The 90th percentile tax bill reaches $3,797. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for evaluating local rates. Homeowners in Bigfork should be aware of these factors, as they directly impact their annual financial obligations. Properly understanding and managing these taxes can lead to significant savings and better financial planning.
Average Bigfork Tax Bill
$1,484
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bigfork, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56628 | $341 | $742 | $1,484 | $2,517 | $3,797 |
Source: Ownwell