Ray, Minnesota Property Taxes
The median property tax rate in RAY, MN is 0.72%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in RAY at $51,450, the typical annual property tax bill amounts to $311, significantly below the national median of $2,690. Property taxes in RAY 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 RAY'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 RAY 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
Ray, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$370
Ownwell’s RAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RAY 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 Ray, Minnesota
Property taxes in Ray, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ray is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Ray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ray 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 Ray's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56669 zip code in Koochiching County has a median property tax rate of 0.72%. Understanding how these cities compare with Ray 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 Ray Tax Rate
0.72%
Average Koochiching County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ray, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56669 | 0.61% | 0.67% | 0.72% | 0.74% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Ray, Minnesota
In Ray, 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 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 Ray, 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. For instance, the median home price in Ray is $51,450, and the median tax bill ranges significantly, with the 25th percentile at $165 and the 90th percentile at $847. The zip code 56669 has the highest and lowest median tax bill at $311. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ray Assessed Value
$51,450
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 Ray, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56669 | $14,750 | $23,525 | $51,450 | $90,275 | $118,670 |
Source: Ownwell
Property Tax Bills Across Ray, Minnesota
In Ray, Minnesota, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. For a median home price of $51,450, homeowners can expect their property tax bill to vary significantly. The 25th percentile tax bill is around $165, while the 75th percentile tax bill reaches $575. At the 90th percentile, the tax bill can be as high as $847. These variations depend on factors such as property location, improvements, and market conditions. Compared to the national median property tax rate of 0.99%, Ray's property tax rates reflect a diverse range of financial impacts on homeowners. For example, in the zip code 56669 within Koochiching County, the highest and lowest median tax bills are both $311, indicating a relatively consistent rate within that area. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual property tax obligations.
Average Ray Tax Bill
$311
Average Koochiching County Tax Bill
$689
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Ray, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56669 | $106 | $165 | $311 | $575 | $847 |
Source: Ownwell