Floodwood, Minnesota Property Taxes
The median property tax rate in Floodwood, MN is 0.93%, slightly below the national median of 0.99% and significantly lower than the Minnesota state median of 1.11%. With a median home value of $79,200 in Floodwood, the typical annual property tax bill amounts to $747, which is well below the national median of $2,690. Property taxes in Floodwood are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Floodwood'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 Floodwood 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
Floodwood, 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 Floodwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Floodwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floodwood 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 Floodwood, Minnesota
Property taxes in Floodwood, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Floodwood is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Floodwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floodwood 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 Floodwood's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55736 has both the highest and lowest median property tax rate in the area at 0.93%. Understanding how these areas compare with Floodwood 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 Floodwood Tax Rate
0.93%
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 Floodwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55736 | 0.58% | 0.77% | 0.93% | 1.32% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Floodwood, Minnesota
In Floodwood, 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'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 Floodwood, 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 Floodwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Floodwood is $79,200, with tax bills ranging from $438 at the 25th percentile to $1,838 at the 90th percentile. The highest and lowest median tax bills are both $747 in zip code 55736.
Average Floodwood Assessed Value
$79,200
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 Floodwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55736 | $7,800 | $42,200 | $79,200 | $132,500 | $192,100 |
Source: Ownwell
Property Tax Bills Across Floodwood, Minnesota
In Floodwood, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. Various factors such as property size, location, and market conditions are considered in this assessment. Once the assessed value is established, the tax rate is applied to calculate the annual property tax bill. For homeowners in Floodwood, the median home price is $79,200. The property tax bill can vary significantly, with the 25th percentile at $438 and the 75th percentile at $1,284. At the 90th percentile, homeowners might see a tax bill as high as $1,838. This range illustrates the impact of different property values and tax rates within the area. Compared to the national median property tax rate of 0.99%, Floodwood’s property taxes offer a diverse landscape, affecting homeowners' financial planning and overall cost of living.
Average Floodwood Tax Bill
$747
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 Floodwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55736 | $194 | $438 | $747 | $1,284 | $1,838 |
Source: Ownwell