Littlefork, Minnesota Property Taxes
The median property tax rate in Littlefork, MN is 0.69%, which is significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Littlefork at $90,500, the typical annual property tax bill amounts to $650, well below the national median of $2,690. Property taxes in Littlefork are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Littlefork'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 Littlefork 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
Littlefork, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$624
Ownwell’s Littlefork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Littlefork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Littlefork 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 Littlefork, Minnesota
Property taxes in Littlefork, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Littlefork is 0.69%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Littlefork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Littlefork 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 Littlefork's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56653 zip code has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Littlefork provides valuable insights into the varying tax landscape across Koochiching County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Littlefork Tax Rate
0.69%
Average Koochiching County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Littlefork, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56653 | 0.39% | 0.54% | 0.69% | 0.99% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Littlefork, Minnesota
In Littlefork, 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 Koochiching County Assessor 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 Littlefork, 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. For example, the median home price is $90,500, with tax bills ranging from $371 at the 25th percentile to $1,524 at the 90th percentile. 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 Littlefork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Littlefork Assessed Value
$90,500
Average Koochiching County Assessed Value
$92,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Littlefork, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56653 | $29,400 | $52,000 | $90,500 | $155,800 | $229,900 |
Source: Ownwell
Property Tax Bills Across Littlefork, Minnesota
In Littlefork, located in Koochiching County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in Littlefork is $90,500. Property taxes are determined by applying the local tax rate to the assessed value of the property. Homeowners in Littlefork can expect their tax bills to vary significantly, with the 25th percentile tax bill at $371 and the 75th percentile reaching $1,037. The highest median tax bill recorded is $650, which is notably lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners, understanding these components is crucial, as property taxes contribute to local services like schools, infrastructure, and emergency services. Fluctuations in property values or local tax rates can directly impact the financial burden on homeowners, making it essential to stay informed about potential changes.
Average Littlefork Tax Bill
$650
Average Koochiching County Tax Bill
$689
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Littlefork, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56653 | $232 | $371 | $650 | $1,037 | $1,524 |
Source: Ownwell