Swan River, Minnesota Property Taxes
The median property tax rate in Swan River, MN is 0.76%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Swan River at $131,300, the typical annual property tax bill amounts to $820, significantly below the national median of $2,690. Property taxes in Swan River are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Swan River'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 Swan River or elsewhere in the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Swan River, 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 Swan River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swan River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swan River 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 Itasca County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Swan River, Minnesota
Property taxes in Swan River, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swan River is 0.76%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Swan River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swan River 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 Swan River's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55784 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Swan River 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 Swan River Tax Rate
0.76%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swan River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55784 | 0.36% | 0.58% | 0.76% | 0.86% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Swan River, Minnesota
In Swan River, 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 Swan River, 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. The median home price in Swan River is $131,300, with tax bills ranging from $440 at the 25th percentile to $2,402 at the 90th percentile. The zip code with the highest and lowest median tax bill is 55784, both valued at $820. 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 Swan River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Swan River Assessed Value
$131,300
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 Swan River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55784 | $37,580 | $58,000 | $131,300 | $211,400 | $320,980 |
Source: Ownwell
Property Tax Bills Across Swan River, Minnesota
In Swan River, located in Itasca County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in this area is $131,300. To determine the property tax bill, the assessed value of the home is multiplied by the local tax rate. For example, the tax bill in the 25th percentile is $440, while in the 75th percentile, it reaches $1,368, and in the 90th percentile, it can go up to $2,402. These figures highlight the variability in property tax bills depending on the value of the property. Homeowners in Swan River need to consider these costs as they can significantly impact their annual expenses. With the highest and lowest median tax bills both at $820 in the 55784 ZIP code, it's clear that local factors play a crucial role in determining the final amount. Compared to the national median property tax rate of 0.99%, homeowners in Swan River might find their tax bills to be relatively manageable, depending on their property's assessed value.
Average Swan River Tax Bill
$820
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Swan River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55784 | $192 | $440 | $820 | $1,368 | $2,402 |
Source: Ownwell