Foxhome, Minnesota Property Taxes
The median property tax rate in Foxhome, MN is 0.82%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $84,000 in Foxhome, the typical annual property tax bill amounts to $648, well below the national median of $2,690. Property taxes in Foxhome are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Foxhome'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 Foxhome or another part of Wilkin County, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Foxhome, 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 Foxhome Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Foxhome with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foxhome 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 Foxhome, Minnesota
Property taxes in Foxhome, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foxhome is 0.82%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Foxhome set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foxhome 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 Foxhome's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56543 has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these areas compare with Foxhome provides valuable insights into the varying tax landscape across Wilkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Foxhome Tax Rate
0.82%
Average Wilkin County Tax Rate
0.90%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foxhome, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56543 | 0.34% | 0.72% | 0.82% | 0.95% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Foxhome, Minnesota
In Foxhome, 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 Wilkin 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 Foxhome, 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 Foxhome helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $648.00, with the zip code 56543 having this value.
Average Foxhome Assessed Value
$84,000
Average Wilkin County Assessed Value
$164,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Foxhome, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56543 | $10,720 | $25,900 | $84,000 | $265,800 | $663,740 |
Source: Ownwell
Property Tax Bills Across Foxhome, Minnesota
In Foxhome, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The median home price in Foxhome is $84,000. Tax rates are applied to this assessed value to determine the annual tax bill. Various factors, including property size, location, and market conditions, influence the assessed value. Homeowners in Foxhome can expect a range of tax bills. The 25th percentile tax bill is around $270, while those in the 75th percentile pay approximately $2,070. The 90th percentile tax bill can reach up to $3,286. Compared to the national median property tax rate of 0.99%, Foxhome's tax rates offer a varied but competitive landscape for property owners. These tax bills impact homeowners' annual budgets and can influence decisions on property improvements, sales, and long-term financial planning. The highest and lowest median tax bills in Foxhome are both $648, indicating a consistent tax environment within the zip code 56543.
Average Foxhome Tax Bill
$648
Average Wilkin County Tax Bill
$1,424
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Foxhome, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56543 | $110 | $270 | $648 | $2,070 | $3,286 |
Source: Ownwell