Cloquet, Minnesota Property Taxes
The median property tax rate in Cloquet, MN is 1.09%, slightly higher than the national median of 0.99% but just below the Minnesota state median of 1.11%. With a median home value of $190,650 in Cloquet, the typical annual property tax bill amounts to $2,054, which is lower than the national median of $2,690. Property taxes in Cloquet are calculated based on the tax assessed value, often reduced by exemptions such as those for primary residences and agricultural properties. Understanding Cloquet'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 Cloquet or another part of St. Louis County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cloquet, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$2,078
Ownwell’s Cloquet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cloquet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cloquet 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 Cloquet, Minnesota
Property taxes in Cloquet, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cloquet is 1.09%, which is higher than the U.S. national median of 0.99%. Local government entities within Cloquet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cloquet 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 Cloquet's effective property tax rate to other areas in St. Louis County and the national median. For comparison, the zip code 55720 has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these areas compare with Cloquet 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 Cloquet Tax Rate
1.09%
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 Cloquet, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55720 | 0.81% | 1.00% | 1.09% | 1.29% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Cloquet, Minnesota
In Cloquet, 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 Cloquet, 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 Cloquet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cloquet is $190,650, with tax bills ranging from $1,116 at the 25th percentile to $4,078 at the 90th percentile. The zip code 55720 has both the highest and lowest median tax bill, at $2,054.
Average Cloquet Assessed Value
$190,650
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 Cloquet, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55720 | $39,150 | $113,125 | $190,650 | $265,350 | $347,690 |
Source: Ownwell
Property Tax Bills Across Cloquet, Minnesota
In Cloquet, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, the median home price in Cloquet is $190,650, and the tax bills vary significantly. Homeowners in the 25th percentile pay around $1,116, while those in the 75th percentile face a tax bill of approximately $3,116. At the 90th percentile, the tax bill can reach up to $4,078. Several factors influence these variations, including property size, location, and improvements. The property tax rate in Cloquet is relatively high compared to the national median property tax rate of 0.99%. This can have a substantial impact on homeowners, as higher property taxes can affect affordability and overall cost of living. Homeowners should be aware of these factors and consider them when purchasing or renovating properties in Cloquet.
Average Cloquet Tax Bill
$2,054
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 Cloquet, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55720 | $414 | $1,116 | $2,054 | $3,116 | $4,078 |
Source: Ownwell