Isabella, Minnesota Property Taxes
The median property tax rate in Isabella, MN is 0.55%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $152,000 in Isabella, the typical annual property tax bill is $789, well below the national median of $2,690. Property taxes in Isabella are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Isabella's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Isabella 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
Isabella, 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 Isabella Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Isabella with just two data inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Isabella to project your property tax bill. This valuable tool helps you grasp potential tax obligations. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Isabella, Minnesota
Property taxes in Isabella, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Isabella is 0.55%, significantly lower than the U.S. national median of 0.99%. Local government entities within Isabella set these rates annually, and they can vary significantly across different neighborhoods. Each year, Isabella 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 Isabella's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55607 has both the highest and lowest median property tax rate of 0.55%. Understanding how these figures compare with Isabella provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Isabella Tax Rate
0.55%
Average Lake County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Isabella, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55607 | 0.30% | 0.43% | 0.55% | 0.65% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Isabella, Minnesota
In Isabella, 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 Lake 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 Isabella, 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 Isabella helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Isabella are both $789.00, found in the zip code 55607.
Average Isabella Assessed Value
$152,000
Average Lake County Assessed Value
$222,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Isabella, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55607 | $34,300 | $75,900 | $152,000 | $247,100 | $386,120 |
Source: Ownwell
Property Tax Bills Across Isabella, Minnesota
In Isabella, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor in Lake County. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions can influence the assessed value, making it essential for homeowners to stay informed. For example, with a median home price of $152,000, property tax bills can vary significantly. Homeowners in the 25th percentile might pay around $370, while those in the 75th percentile could see bills as high as $1,357. At the 90th percentile, tax bills can reach up to $1,972. These variations in property tax bills can impact homeowners' financial planning and overall cost of living. Comparatively, the national median property tax rate is 0.99%, making it crucial for Isabella residents to understand how their local rates stack up and to explore potential exemptions or appeals if they believe their assessments are inaccurate.
Average Isabella Tax Bill
$789
Average Lake County Tax Bill
$1,364
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Isabella, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55607 | $166 | $370 | $789 | $1,357 | $1,972 |
Source: Ownwell