Anoka, Minnesota Property Taxes
The median property tax rate in Anoka, MN is 0.99%, aligning with the national median of 0.99% but slightly lower than the Minnesota state median of 1.11%. With the median home value in Anoka at $336,300, the typical annual property tax bill amounts to $3,272, surpassing the national median of $2,690. Property taxes in Anoka are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Anoka'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 Anoka or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Anoka, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$3,329
Ownwell’s Anoka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Anoka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Anoka 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 Anoka, Minnesota
Property taxes in Anoka, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Anoka is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Anoka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Anoka 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 Anoka's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 55303 zip code has a median property tax rate of 0.99%. Understanding how these areas compare with Anoka provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Anoka Tax Rate
0.99%
Average Anoka County Tax Rate
0.96%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Anoka, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55303 | 0.72% | 0.90% | 0.99% | 1.03% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Anoka, Minnesota
In Anoka, 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 Anoka 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 Anoka, 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 Anoka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Anoka, both at $3,272, are found in zip code 55303.
Average Anoka Assessed Value
$336,300
Average Anoka County Assessed Value
$327,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Anoka, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55303 | $230,600 | $284,500 | $336,300 | $415,200 | $518,240 |
Source: Ownwell
Property Tax Bills Across Anoka, Minnesota
In Anoka, property tax bills are primarily calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Anoka, the median home price stands at $336,300. Factors such as property location, improvements, and market conditions also play a significant role in determining the assessed value. The tax bill can vary significantly, with the 25th percentile at $2,621 and the 75th percentile at $4,077, indicating a wide range of property values and tax obligations. The 90th percentile tax bill reaches up to $5,037, reflecting higher-valued properties. Compared to the national median property tax rate of 0.99%, Anoka's property taxes can be higher, especially in areas with more valuable real estate. This variability affects homeowners by influencing their annual financial planning and the overall cost of homeownership in the region.
Average Anoka Tax Bill
$3,272
Average Anoka County Tax Bill
$3,246
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Anoka, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55303 | $2,038 | $2,621 | $3,272 | $4,077 | $5,037 |
Source: Ownwell