Mentor, Minnesota Property Taxes
The median property tax rate in Mentor, MN is 0.57%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Mentor, the typical annual property tax bill reaches $671, well below the national median of $2,690. Property taxes in Mentor 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 Mentor'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 Mentor or another part of Red Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mentor, 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 Mentor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mentor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mentor 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 Mentor, Minnesota
Property taxes in Mentor, Minnesota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Mentor is 0.57%, which is lower than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Mentor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mentor 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 Mentor's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56736 has both the highest and the lowest median property tax rate of 0.57%. Understanding how these areas compare with Mentor provides valuable insights into the varying tax landscape across Red Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mentor Tax Rate
0.57%
Average Red Lake County Tax Rate
1.03%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mentor, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56736 | 0.46% | 0.53% | 0.57% | 0.64% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Mentor, Minnesota
In Mentor, 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 Red 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 Mentor, 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 Mentor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mentor are both $671, found in the 56736 zip code.
Average Mentor Assessed Value
$133,000
Average Red Lake County Assessed Value
$138,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mentor, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56736 | $56,660 | $82,250 | $133,000 | $197,500 | $228,450 |
Source: Ownwell
Property Tax Bills Across Mentor, Minnesota
In Mentor, located in Red Lake County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is an estimate of the property's market value as determined by the county assessor. This value is then multiplied by the tax rate to calculate the annual property tax bill. For example, with a median home price of $133,000 in Mentor, homeowners can expect varying tax bills. The 25th percentile tax bill is around $526, while the 75th percentile reaches approximately $1,050, and the 90th percentile goes up to $1,336. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding these taxes is crucial as they directly impact annual housing costs. Compared to the national median property tax rate of 0.99%, Mentor's property tax rates can be considered relatively moderate, making it an attractive place for homeowners looking for balanced property tax expenses.
Average Mentor Tax Bill
$671
Average Red Lake County Tax Bill
$1,274
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mentor, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56736 | $429 | $526 | $671 | $1,050 | $1,336 |
Source: Ownwell