Chisholm, Minnesota Property Taxes
The median property tax rate in Chisholm, MN is 1.37%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Chisholm at $72,900, the typical annual property tax bill reaches $914, which is below the national median of $2,690. Property taxes in Chisholm 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 Chisholm'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 Chisholm or another part of St. Louis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chisholm, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$999
Ownwell’s Chisholm Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chisholm with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chisholm 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 Chisholm, Minnesota
Property taxes in Chisholm, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chisholm is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Chisholm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chisholm 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 Chisholm's effective property tax rate to other areas in St. Louis County and the national median. For comparison, the 55719 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Chisholm provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chisholm Tax Rate
1.37%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chisholm, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55719 | 0.72% | 0.93% | 1.37% | 2.09% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Chisholm, Minnesota
In Chisholm, 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 St. Louis County Assessor 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 Chisholm, 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. For instance, the median home price in Chisholm is $72,900, with tax bills ranging from $415 at the 25th percentile to $2,779 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chisholm Assessed Value
$72,900
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chisholm, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55719 | $4,440 | $43,700 | $72,900 | $123,900 | $188,160 |
Source: Ownwell
Property Tax Bills Across Chisholm, Minnesota
In Chisholm, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Chisholm is $72,900, and homeowners can expect their tax bills to vary significantly depending on several factors. For instance, the 25th percentile tax bill is around $415, while the 75th percentile tax bill rises to $1,770, and the 90th percentile reaches $2,779. These variations are influenced by the assessed property value, local tax rates, and any applicable exemptions or deductions. Homeowners in Chisholm face a median property tax rate that is competitive when compared to the national median rate of 0.99%. This means that while some homeowners may find their tax bills manageable, others, particularly those with properties assessed at higher values, might experience a more substantial financial impact. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Chisholm Tax Bill
$914
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Chisholm, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55719 | $106 | $415 | $914 | $1,770 | $2,779 |
Source: Ownwell