Makinen, Minnesota Property Taxes
The median property tax rate in Makinen, MN is 1.20%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Makinen, the typical annual property tax bill reaches $1,164, which is below the national median of $2,690. Property taxes in Makinen 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 Makinen'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 Makinen 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
Makinen, 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 Makinen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Makinen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Makinen 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 Makinen, Minnesota
Property taxes in Makinen, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Makinen is 1.20%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Makinen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Makinen 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 Makinen's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55763 zip code has the highest median property tax rate of 1.20%, while the lowest median tax rate is also 1.20%. Understanding how these cities compare with Makinen 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 Makinen Tax Rate
1.20%
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 Makinen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55763 | 0.80% | 1.07% | 1.20% | 1.25% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Makinen, Minnesota
In Makinen, 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 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 Makinen, 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 Makinen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Makinen is $106,700, with tax bills ranging from $458 at the 25th percentile to $2,526 at the 90th percentile. The zip code 55763 has the highest and lowest median tax bill at $1,164.
Average Makinen Assessed Value
$106,700
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 Makinen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55763 | $1,500 | $47,000 | $106,700 | $157,325 | $219,140 |
Source: Ownwell
Property Tax Bills Across Makinen, Minnesota
In Makinen, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the St. Louis County Assessor's Office. The median home price in Makinen stands at $106,700. Property taxes are then calculated by applying the local tax rate to this assessed value. Factors influencing the tax bill include property characteristics, market conditions, and any applicable exemptions or abatements. For homeowners, understanding these calculations is crucial. The tax bill can range significantly, with the 25th percentile at $458 and the 75th percentile at $1,764. At the higher end, the 90th percentile tax bill reaches $2,526. These variations highlight the importance of accurate property assessments and the potential impact of market changes on annual tax obligations. Comparatively, the median tax bill in Makinen is $1,164, which aligns with the highest and lowest median tax bills recorded in the 55763 zip code. This figure is slightly above the national median property tax rate of 0.99%, reflecting the local economic and property market conditions. Homeowners should stay informed about these factors to manage their tax liabilities effectively.
Average Makinen Tax Bill
$1,164
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 Makinen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55763 | $16 | $458 | $1,164 | $1,764 | $2,526 |
Source: Ownwell