Talmoon, Minnesota Property Taxes
The median property tax rate in Talmoon, MN is 0.88%, 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 Talmoon at $142,150, the typical annual property tax bill is $1,084, falling below the national median of $2,690. Property taxes in Talmoon are calculated based on the tax assessed value, which often comes in under the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Talmoon'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 Talmoon or another part of Itasca County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Talmoon, 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 Talmoon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Talmoon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Talmoon 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 Talmoon, Minnesota
Property taxes in Talmoon, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Talmoon is 0.88%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Talmoon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Talmoon 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 Talmoon's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56637 has both the highest and lowest median property tax rate of 0.88%. Understanding how these areas compare with Talmoon 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 Talmoon Tax Rate
0.88%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Talmoon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56637 | 0.50% | 0.73% | 0.88% | 0.94% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Talmoon, Minnesota
In Talmoon, 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 Talmoon, 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 Talmoon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56637 at $1,084, which is significantly above the national median property tax rate of 0.99%.
Average Talmoon Assessed Value
$142,150
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 Talmoon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56637 | $45,580 | $75,975 | $142,150 | $217,750 | $284,120 |
Source: Ownwell
Property Tax Bills Across Talmoon, Minnesota
In Talmoon, located in Itasca County, MN, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this value. The median home price in Talmoon is $142,150. Property taxes are calculated by multiplying the assessed value of the property by the local tax rate, which is reflective of the county’s needs and budgetary requirements. Homeowners in Talmoon can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $560, while the 75th percentile tax bill is $1,758, and the 90th percentile tax bill reaches up to $2,508. These figures indicate a range of tax liabilities based on property values and the specific circumstances of each home. Compared to the national median property tax rate of 0.99%, Talmoon's rates can be seen as relatively moderate, though individual tax bills can vary widely. This variability can significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Talmoon Tax Bill
$1,084
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Talmoon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56637 | $236 | $560 | $1,084 | $1,758 | $2,508 |
Source: Ownwell