Virginia, Minnesota Property Taxes
The median property tax rate in Virginia, MN is 1.14%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Virginia at $84,400, the typical annual property tax bill reaches $970, which is below the national median of $2,690. Property taxes in Virginia are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Virginia'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 Virginia 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
Virginia, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$962
Ownwell’s Virginia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Virginia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Virginia 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 Virginia, Minnesota
Property taxes in Virginia, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Virginia is 1.14%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Virginia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Virginia 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 Virginia's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55792 has both the highest and lowest median property tax rate of 1.14%. Understanding how these cities compare with Virginia 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 Virginia Tax Rate
1.14%
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 Virginia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55792 | 0.64% | 0.81% | 1.14% | 1.63% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Virginia, Minnesota
In Virginia, 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 Virginia, 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. The median home price in Virginia is $84,400, with tax bills ranging from $486 at the 25th percentile to $2,464 at the 90th percentile. 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 Virginia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Virginia Assessed Value
$84,400
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 Virginia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55792 | $21,390 | $54,500 | $84,400 | $125,850 | $179,110 |
Source: Ownwell
Property Tax Bills Across Virginia, Minnesota
In Virginia, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Homeowners in St. Louis County can expect varying tax bills depending on their property's value. For instance, the tax bill at the 25th percentile is $486, while at the 75th percentile, it reaches $1,602. The highest median tax bill in the area is $970, which is notably lower than the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, infrastructure, and emergency services. Understanding how these factors influence property tax bills helps homeowners in Virginia, MN, anticipate their annual expenses and plan their finances accordingly.
Average Virginia Tax Bill
$970
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 Virginia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55792 | $203 | $486 | $970 | $1,602 | $2,464 |
Source: Ownwell