Bowstring, Minnesota Property Taxes
The median property tax rate in Bowstring, MN is 0.84%, lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Bowstring, the typical annual property tax bill reaches $1,670, which is below the national median of $2,690. Property taxes in Bowstring 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 Bowstring'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 Bowstring 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
Bowstring, 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 Bowstring Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bowstring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bowstring to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and make informed decisions. 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 Itasca County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bowstring, Minnesota
Property taxes in Bowstring, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bowstring is 0.84%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Bowstring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bowstring 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 Bowstring's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in Itasca County is also 0.84%, while the lowest median tax rate is similarly 0.84%. Understanding how these cities compare with Bowstring 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 Bowstring Tax Rate
0.84%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bowstring, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56631 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Bowstring, Minnesota
In Bowstring, 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 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 Bowstring, 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 Bowstring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Bowstring both amount to $1,670, with the zip code 56631 reflecting this value.
Average Bowstring Assessed Value
$198,700
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 Bowstring, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56631 | $198,700 | $198,700 | $198,700 | $198,700 | $198,700 |
Source: Ownwell
Property Tax Bills Across Bowstring, Minnesota
In Bowstring, located in Itasca County, MN, property tax bills are calculated based on the assessed value of your home. The median home price in this area is $198,700. Property taxes in Bowstring align with the county's median tax bill, which stands at $1,670. This figure is consistent across various percentiles, indicating a stable property tax environment. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value. Homeowners in Bowstring should be aware that their property taxes directly support essential community services like schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Bowstring's property tax rate is competitive, making it an attractive location for homeowners. Understanding how these taxes are calculated can help residents better manage their finances and anticipate annual costs.
Average Bowstring Tax Bill
$1,670
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bowstring, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56631 | $1,670 | $1,670 | $1,670 | $1,670 | $1,670 |
Source: Ownwell