Max, Minnesota Property Taxes
The median property tax rate in MAX, MN is 0.85%, 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 MAX at $157,900, the typical annual property tax bill comes to $1,172, falling below the national median of $2,690. Property taxes in MAX 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 MAX'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 MAX 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
Max, 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 MAX Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MAX with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MAX 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 Max, Minnesota
Property taxes in MAX, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MAX is 0.85%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within MAX set these rates annually, and they can vary significantly across different neighborhoods. Each year, MAX 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 MAX's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56659 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with MAX 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 Max Tax Rate
0.85%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Max, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56659 | 0.41% | 0.76% | 0.85% | 0.94% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Max, Minnesota
In MAX, 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 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 MAX, 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 MAX helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,172 in the 56659 zip code, which is also the lowest median tax bill.
Average Max Assessed Value
$157,900
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 Max, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56659 | $44,640 | $75,200 | $157,900 | $268,100 | $446,520 |
Source: Ownwell
Property Tax Bills Across Max, Minnesota
In MAX, property tax bills are calculated based on the assessed value of the home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Itasca County, where MAX is located, experience a range of property tax bills. For instance, the 25th percentile tax bill is $590, while the 75th percentile reaches $2,286, and the 90th percentile climbs to $3,524. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. These factors ensure that the tax burden is distributed fairly among homeowners. The median home price in MAX is $157,900, and the property tax rate in this region can vary significantly compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Max Tax Bill
$1,172
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Max, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56659 | $266 | $590 | $1,172 | $2,286 | $3,524 |
Source: Ownwell