Flom, Minnesota Property Taxes
The median property tax rate in Flom, MN is 0.82%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Flom at $82,300, the typical annual property tax bill amounts to $647, falling well below the national median of $2,690. Property taxes in Flom 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 Flom'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 Flom or another part of Norman County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Flom, 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 FLOM Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FLOM with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FLOM 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 Flom, Minnesota
Property taxes in Flom, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flom is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Flom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flom 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 Flom's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56541 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Flom provides valuable insights into the varying tax landscape across Norman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flom Tax Rate
0.82%
Average Norman County Tax Rate
1.16%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flom, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56541 | 0.65% | 0.69% | 0.82% | 0.86% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Flom, Minnesota
In FLOM, 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 Norman County Assessor's Office 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 FLOM, 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 FLOM helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56541, with a median bill of $647.00.
Average Flom Assessed Value
$82,300
Average Norman County Assessed Value
$94,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flom, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56541 | $17,260 | $66,975 | $82,300 | $97,500 | $128,390 |
Source: Ownwell
Property Tax Bills Across Flom, Minnesota
In FLOM, Norman County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of your property. This assessed value is then multiplied by the local tax rate to calculate your annual property tax bill. For example, with a median home price of $82,300, homeowners can expect a tax bill that varies significantly. The 25th percentile tax bill is around $421, while the 75th percentile reaches $738. At the higher end, the 90th percentile tax bill is approximately $965. These figures indicate that property taxes in FLOM can vary widely depending on the assessed value of the property and the applicable tax rate. Compared to the national median property tax rate of 0.99%, homeowners in FLOM experience a relatively moderate tax burden. Understanding these factors can help homeowners anticipate their property tax liabilities and plan their finances accordingly.
Average Flom Tax Bill
$647
Average Norman County Tax Bill
$979
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Flom, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56541 | $249 | $421 | $647 | $738 | $965 |
Source: Ownwell