Red Lake Falls, Minnesota Property Taxes
The median property tax rate in Red Lake Falls, MN is 1.57%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Red Lake Falls at $157,100, the typical annual property tax bill reaches $2,036, which is still below the national median of $2,690. Property taxes in Red Lake Falls 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 Red Lake 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 Red Lake Falls 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
Red Lake Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$2,466
Ownwell’s RED LAKE FALLS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RED LAKE FALLS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RED LAKE FALLS 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 Red Lake Falls, Minnesota
Property taxes in Red Lake Falls, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Lake Falls is 1.57%, notably higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Red Lake Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Lake 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 Red Lake Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56750 zip code has the highest median property tax rate of 1.57%, while the same zip code also has the lowest median tax rate of 1.57%. Understanding how these cities compare with Red Lake Falls 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 Red Lake Falls Tax Rate
1.57%
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 Red Lake Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56750 | 0.80% | 0.99% | 1.57% | 1.81% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Red Lake Falls, Minnesota
In Red Lake 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 Red Lake 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 Red Lake 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. 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 Red Lake Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Red Lake Falls is $157,100. The zip code with the highest median tax bill is 56750, where the median tax bill is $2,036.
Property Tax Assessment Values Across Red Lake Falls, Minnesota
Source: Ownwell
$92,900
$145,900
$198,900
Average Red Lake Falls Assessed Value
$157,100
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 Red Lake Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56750 | $30,540 | $92,600 | $157,100 | $218,400 | $285,500 |
Source: Ownwell
Property Tax Bills Across Red Lake Falls, Minnesota
In Red Lake Falls, Minnesota, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. The tax rate is applied to this assessed value to calculate the annual tax bill. For a median home price of $157,100, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $1,040, while at the 75th percentile, it rises to approximately $3,122. At the 90th percentile, it can reach up to $4,102. Factors influencing these amounts include property improvements, neighborhood developments, and changes in the local tax rate. Compared to the national median property tax rate of 0.99%, Red Lake Falls may offer a different financial landscape for homeowners. Understanding these elements helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Red Lake Falls Tax Bill
$2,036
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 Red Lake Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56750 | $431 | $1,040 | $2,036 | $3,122 | $4,102 |
Source: Ownwell