Traverse County Property Taxes
The median property tax rate in Traverse County is 1.63%, which is significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Traverse County being $55,600, the typical annual property tax bill reaches $718, which is notably lower than the national median of $2,690. Property taxes in Traverse County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Traverse County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Wheaton or another part of Traverse County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Traverse County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.63%
Estimate Property Tax Bill
$906
Ownwell’s Traverse County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Traverse County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Traverse County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Traverse County, Minnesota
Property taxes in Traverse County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Traverse County is 1.63%, which is higher than the U.S. national median of 0.99%. Local government entities within Traverse County set these rates annually, and they can vary significantly between different areas within the county. Each year, Traverse County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Browns Valley has one of the higher property tax rates in Minnesota at 2.18%, while the city of Herman boasts one of the lowest at 0.46%. Analyzing how Traverse County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Traverse County Tax Rate
1.63%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Traverse County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Beardsley | 0.51% | 0.56% | 0.57% | 0.69% | 1.05% |
| Browns Valley | 0.55% | 0.58% | 2.18% | 3.23% | 3.64% |
| Dumont | 0.66% | 0.80% | 1.74% | 2.43% | 2.51% |
| Graceville | 0.45% | 0.65% | 0.71% | 0.80% | 0.84% |
| Herman | 0.29% | 0.45% | 0.46% | 0.52% | 0.74% |
| Johnson | 0.71% | 0.73% | 0.75% | 1.16% | 1.41% |
| Norcross | 0.86% | 0.89% | 0.90% | 1.03% | 1.09% |
| Tintah | 0.68% | 0.87% | 1.15% | 1.36% | 1.73% |
| Wheaton | 0.87% | 1.42% | 1.73% | 2.22% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Traverse County, Minnesota
In Traverse County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Traverse County Appraisal District. The assessed value, however, 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. Assessment notices in Traverse County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, the highest median tax bill in the county is found in Herman at $3,204, while Tintah has the lowest at $256. Being aware of these valuation processes in Traverse County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Traverse County, Minnesota
Source: Ownwell
$22,200
$539,550
$1,056,900
Average Traverse County Assessed Value
$55,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Traverse County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Beardsley | $26,260 | $52,825 | $84,750 | $127,425 | $192,170 |
| Browns Valley | $4,860 | $19,500 | $44,400 | $93,550 | $169,060 |
| Dumont | $1,700 | $11,600 | $39,200 | $91,800 | $182,200 |
| Graceville | $62,660 | $84,900 | $107,400 | $161,700 | $378,300 |
| Herman | $111,820 | $245,100 | $1,056,900 | $1,083,400 | $1,119,000 |
| Johnson | $56,520 | $77,700 | $113,000 | $137,350 | $151,960 |
| Norcross | $45,780 | $77,700 | $90,700 | $138,900 | $141,540 |
| Tintah | $2,720 | $8,400 | $22,200 | $44,600 | $117,220 |
| Wheaton | $7,600 | $24,025 | $57,100 | $115,150 | $181,400 |
Source: Ownwell
Property Tax Bills Across Traverse County, Minnesota
In Traverse County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Traverse County is $55,600, and the median property tax rate is 0.99%, which aligns with the national average. Several factors influence the tax bill, including property location, home size, and any applicable exemptions or deductions. For instance, homeowners in Herman face the highest median tax bill at $3,204, while those in Tintah enjoy the lowest at $256. The 25th percentile tax bill is $366, reflecting more affordable homes, whereas the 75th percentile tax bill is $1,367, and the 90th percentile tax bill reaches $2,618. These tax bills significantly impact homeowners, as they must budget for these expenses annually. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Traverse County Tax Bill
$718
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Traverse County, Minnesota
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Beardsley | $130 | $312 | $490 | $817 | $1,576 |
| Browns Valley | $142 | $382 | $698 | $1,128 | $1,824 |
| Dumont | $36 | $242 | $585 | $990 | $1,652 |
| Graceville | $411 | $568 | $788 | $1,064 | $2,171 |
| Herman | $765 | $1,276 | $3,204 | $4,842 | $4,982 |
| Johnson | $694 | $733 | $798 | $1,003 | $1,126 |
| Norcross | $490 | $624 | $960 | $1,224 | $1,265 |
| Tintah | $35 | $126 | $256 | $548 | $1,045 |
| Wheaton | $132 | $396 | $848 | $1,760 | $3,120 |
Source: Ownwell