Keewatin, Minnesota Property Taxes
The median property tax rate in Keewatin, MN is 1.13%, slightly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Keewatin at $63,650, the typical annual property tax bill is $674, which is lower than the national median of $2,690. Property taxes in Keewatin 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 Keewatin'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 Keewatin 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
Keewatin, 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 Keewatin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keewatin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keewatin 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 Keewatin, Minnesota
Property taxes in Keewatin, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keewatin is 1.13%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Keewatin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keewatin 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 Keewatin's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55753 zip code has the highest median property tax rate of 1.13%, while the 55753 zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Keewatin 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 Keewatin Tax Rate
1.13%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keewatin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55753 | 0.63% | 0.83% | 1.13% | 2.03% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Keewatin, Minnesota
In Keewatin, 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 Keewatin, 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 Keewatin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Keewatin is $63,650, with median tax bills ranging from $342 at the 25th percentile to $1,667 at the 90th percentile. The zip code 55753 has the highest and lowest median tax bill, both at $674.
Average Keewatin Assessed Value
$63,650
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 Keewatin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55753 | $14,040 | $40,975 | $63,650 | $87,425 | $114,700 |
Source: Ownwell
Property Tax Bills Across Keewatin, Minnesota
In Keewatin, located in Itasca County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in Keewatin is $63,650. Property taxes are determined by multiplying the assessed value by the local tax rate, which varies within the county. The tax bill can also be influenced by local levies for schools, infrastructure, and other public services. Homeowners in Keewatin can expect a wide range of property tax bills. For instance, the 25th percentile tax bill is $342, while the 75th percentile tax bill is $1,142, and the 90th percentile tax bill reaches $1,667. This variation highlights how different factors such as property size, location, and use can affect the final amount. Compared to the national median property tax rate of 0.99%, Keewatin's rates can be seen as relatively moderate, providing some relief to homeowners. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Keewatin Tax Bill
$674
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Keewatin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55753 | $132 | $342 | $674 | $1,142 | $1,667 |
Source: Ownwell