Knife River, Minnesota Property Taxes
The median property tax rate in Knife River, MN is 0.50%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $378,350 in Knife River, the typical annual property tax bill amounts to $1,835, which is notably below the national median of $2,690. Property taxes in Knife River are determined based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Knife River's property tax system and exploring available exemptions can result in substantial annual savings. Whether you're located in the heart of Knife River or another area within Lake County, comprehending the local property tax framework will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Knife River, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$1,892
Ownwell’s Knife River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knife River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knife 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Knife River, Minnesota
Property taxes in Knife River, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knife River is 0.50%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Knife River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knife 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 Knife River's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55609 has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Knife River 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 Knife River Tax Rate
0.50%
Average Lake County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knife River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55609 | 0.30% | 0.42% | 0.50% | 0.60% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Knife River, Minnesota
In Knife 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 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 Knife 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. 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 Knife River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Knife River is $378,350, with median tax bills ranging from $1,030 at the 25th percentile to $4,343 at the 90th percentile. Notably, the highest and lowest median tax bills are both $1,835, found in the 55609 zip code.
Average Knife River Assessed Value
$378,350
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 Knife River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55609 | $99,550 | $256,100 | $378,350 | $582,425 | $750,000 |
Source: Ownwell
Property Tax Bills Across Knife River, Minnesota
Property tax bills in Knife River, located in Lake County, MN, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Knife River, the median home price is $378,350, and the property tax rate reflects various factors including local government budgets and community services. Homeowners in Knife River can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,030, while the 75th percentile tax bill reaches $2,962. At the 90th percentile, homeowners might see tax bills as high as $4,343. These variations are influenced by the property's assessed value and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Knife River's rates can result in considerable financial obligations for homeowners, impacting their annual budgets and overall financial planning. Understanding these factors is crucial for managing property-related expenses effectively.
Average Knife River Tax Bill
$1,835
Average Lake County Tax Bill
$1,364
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Knife River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55609 | $468 | $1,030 | $1,835 | $2,962 | $4,343 |
Source: Ownwell