Tamarack, Minnesota Property Taxes
The median property tax rate in Tamarack, MN, is 0.96%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Tamarack at $179,550, the typical annual property tax bill amounts to $1,543, which is below the national median of $2,690. Property taxes in Tamarack are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Tamarack'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 Tamarack or another part of Carlton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tamarack, 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 Tamarack Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tamarack with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tamarack 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 Tamarack, Minnesota
Property taxes in Tamarack, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Tamarack is 0.96%, which is slightly below the U.S. national median of 0.99%. Local government entities within Tamarack set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tamarack 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 Tamarack's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55787 has both the highest and lowest median property tax rate of 0.96%. Understanding how these cities compare with Tamarack provides valuable insights into the varying tax landscape across Carlton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tamarack Tax Rate
0.96%
Average Carlton County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tamarack, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55787 | 0.81% | 0.88% | 0.96% | 0.99% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Tamarack, Minnesota
In Tamarack, 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 Carlton 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 Tamarack, 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. Tamarack's median home price is $179,550, with tax bills ranging from $906 at the 25th percentile to $2,672 at the 90th percentile. The zip code 55787 has both the highest and lowest median tax bill at $1,543. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tamarack Assessed Value
$179,550
Average Carlton County Assessed Value
$213,450
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tamarack, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55787 | $65,600 | $96,075 | $179,550 | $246,325 | $279,470 |
Source: Ownwell
Property Tax Bills Across Tamarack, Minnesota
In Tamarack, Carlton County, 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 estimated market value of the property. The property tax rate in Tamarack is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $179,550, homeowners can expect varying tax bills depending on their property's specific assessed value and applicable exemptions. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value, thereby affecting the tax bill. In Carlton County, the tax bill for the 25th percentile is $906, while the 75th percentile sees bills around $2382. At the 90th percentile, tax bills can reach up to $2672. These figures highlight the range of property tax burdens homeowners might face, which can impact their financial planning and overall cost of homeownership. Understanding these factors can help homeowners anticipate and manage their property tax obligations effectively.
Average Tamarack Tax Bill
$1,543
Average Carlton County Tax Bill
$2,610
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Tamarack, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55787 | $573 | $906 | $1,543 | $2,382 | $2,672 |
Source: Ownwell