Little Falls, Minnesota Property Taxes
The median property tax rate in Little Falls, MN is 0.97%, slightly below the national median of 0.99% and notably lower than the Minnesota state median of 1.11%. With a median home value of $211,400 in Little Falls, the typical annual property tax bill amounts to $1,964, which is under the national median of $2,690. Property taxes in Little Falls are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of Little Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Little Falls or another part of Morrison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Little Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$2,051
Ownwell’s Little Falls Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Little Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little Falls to provide an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities. For those interested in more granular insights, you can explore neighborhood-level trends by scrolling down for localized information. Your property’s assessed value is determined by Morrison County for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Little Falls, Minnesota
Property taxes in Little Falls, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Little Falls is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Little Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little Falls 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 Little Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56345 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these areas compare with Little Falls provides valuable insights into the varying tax landscape across Morrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Little Falls Tax Rate
0.97%
Average Morrison County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Little Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56345 | 0.47% | 0.75% | 0.97% | 1.24% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Little Falls, Minnesota
In Little Falls, 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 Morrison 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 Little Falls, 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 instance, the median home price in Little Falls is $211,400, with tax bills ranging from $1,280 at the 25th percentile to $3,782 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 Little Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Little Falls Assessed Value
$211,400
Average Morrison County Assessed Value
$210,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Little Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56345 | $87,070 | $139,800 | $211,400 | $311,000 | $425,800 |
Source: Ownwell
Property Tax Bills Across Little Falls, Minnesota
In Little Falls, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. Homeowners in Morrison County can expect their tax bill to be influenced by the assessed value, which is determined by the county assessor’s office. For a median home price of $211,400, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $1,280 annually, while those in the 75th percentile could see bills as high as $2,870. The top 10% of property tax bills reach up to $3,782. The local tax rate and the assessed value of the property are crucial factors in determining the final tax bill. Little Falls has a median tax bill of $1,964, which is below the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable compared to other regions. Understanding these factors helps homeowners budget effectively and plan for future expenses.
Average Little Falls Tax Bill
$1,964
Average Morrison County Tax Bill
$1,722
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Little Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56345 | $646 | $1,280 | $1,964 | $2,870 | $3,782 |
Source: Ownwell