Tower, Minnesota Property Taxes
The median property tax rate in Tower, MN is 0.93%, slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Tower, the typical annual property tax bill is $1,638, which is lower than the national median of $2,690. Property taxes in Tower are calculated based on the tax assessed value, often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Tower'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 Tower 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
Tower, 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 Tower Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tower with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tower 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 Tower, Minnesota
Property taxes in Tower, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tower is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Tower set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tower 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 Tower's effective property tax rate to other areas and the national median. For comparison, the zip code 55790 has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Tower 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 Tower 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 Tower, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55790 | 0.83% | 0.87% | 0.93% | 1.10% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Tower, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tower, Minnesota. 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 Tower, 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 Tower helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 55790 has the highest and lowest median tax bill at $1,638, compared to the national median property tax rate of 0.99%.
Average Tower Assessed Value
$169,200
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 Tower, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55790 | $16,400 | $60,200 | $169,200 | $314,700 | $504,200 |
Source: Ownwell
Property Tax Bills Across Tower, Minnesota
In Tower, 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 Tower is $169,200. The property tax rate in this area contributes to a median tax bill of approximately $1,638 annually, which aligns with the national median property tax rate of 0.99%. Homeowners in Tower can expect a range of property tax bills depending on the value of their homes, with the 25th percentile tax bill at $576 and the 75th percentile reaching up to $3,150. For those with higher-valued properties, the tax bill can go up to $5,092, which represents the 90th percentile. These tax bills are influenced by various factors, including the assessed value of the property, local government budgets, and specific levies for public services such as schools and infrastructure. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Tower Tax Bill
$1,638
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 Tower, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55790 | $166 | $576 | $1,638 | $3,150 | $5,092 |
Source: Ownwell