Federal Dam, Minnesota Property Taxes
The median property tax rate in Federal Dam, MN is 0.55%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Federal Dam at $168,700, the typical annual property tax bill reaches $913, significantly below the national median of $2,690. Property taxes in Federal Dam are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Federal Dam'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 Federal Dam 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
Federal Dam, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$928
Ownwell’s Federal Dam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Federal Dam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Federal Dam 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 Federal Dam, Minnesota
Property taxes in Federal Dam, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Federal Dam is 0.55%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Federal Dam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Federal Dam 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 Federal Dam's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56641 has the highest median property tax rate of 0.55%, while the same zip code 56641 also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Federal Dam provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Federal Dam Tax Rate
0.55%
Average Cass County Tax Rate
0.53%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Federal Dam, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56641 | 0.41% | 0.49% | 0.55% | 0.74% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Federal Dam, Minnesota
In Federal Dam, 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 Cass 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 Federal Dam, 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 Federal Dam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Federal Dam is $913 in the 56641 zip code, which is notably higher than the national median property tax rate of 0.99%.
Average Federal Dam Assessed Value
$168,700
Average Cass County Assessed Value
$248,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Federal Dam, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56641 | $29,000 | $70,050 | $168,700 | $313,350 | $442,260 |
Source: Ownwell
Property Tax Bills Across Federal Dam, Minnesota
In Federal Dam, located in Cass County, MN, property tax bills are calculated based on the assessed value of a home and the county's property tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For homeowners in Federal Dam, the median home price is $168,700. Tax bills can vary significantly, with the 25th percentile tax bill at $398 and the 75th percentile reaching $1,857. At the 90th percentile, homeowners might see tax bills as high as $2,452. The highest and lowest median tax bills in the area both stand at $913, specifically in the 56641 zip code. These property taxes fund essential local services such as schools, public safety, and infrastructure maintenance, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, the property taxes in Federal Dam influence homeowners' financial planning and the overall affordability of living in the area.
Average Federal Dam Tax Bill
$913
Average Cass County Tax Bill
$1,350
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Federal Dam, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56641 | $190 | $398 | $913 | $1,857 | $2,452 |
Source: Ownwell