Cook, Minnesota Property Taxes
The median property tax rate in Cook, MN is 0.93%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Cook at $85,400, the typical annual property tax bill is $698, significantly below the national median of $2,690. Property taxes in Cook are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Cook's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cook or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cook, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$794
Ownwell’s Cook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cook 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 Cook, Minnesota
Property taxes in Cook, Minnesota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cook is 0.93%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Cook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cook 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 Cook's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55723 zip code has the highest median property tax rate of 0.93%, while the 55723 zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Cook 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 Cook Tax Rate
0.93%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55723 | 0.48% | 0.79% | 0.93% | 1.01% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Cook, Minnesota
In Cook, 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 Cook 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 Cook, 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 Cook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Cook is $698.00 in zip code 55723, while the lowest median tax bill is also $698.00 in the same zip code.
Average Cook Assessed Value
$85,400
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 Cook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55723 | $24,440 | $48,700 | $85,400 | $133,500 | $210,840 |
Source: Ownwell
Property Tax Bills Across Cook, Minnesota
In Cook, MN, property tax bills are calculated based on the assessed value of the property. The local tax rate, which is applied to this assessed value, determines the final tax bill. Factors such as the property's location, size, and any applicable exemptions or deductions influence the assessed value. For example, a median home in Cook, valued at $85,400, would experience varying tax bills depending on these factors. Homeowners in Cook can expect tax bills ranging from $348 at the 25th percentile to $1,120 at the 75th percentile, with the highest tax bills reaching up to $1,752 at the 90th percentile. Comparatively, the national median property tax rate is 0.99%, making Cook's tax rates relatively moderate. This variation in tax bills can significantly impact homeowners, affecting their annual budgeting and overall financial planning. Understanding these factors and how they contribute to the final tax bill is crucial for homeowners to manage their expenses effectively.
Average Cook Tax Bill
$698
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55723 | $170 | $348 | $698 | $1,120 | $1,752 |
Source: Ownwell