Mahnomen, Minnesota Property Taxes
The median property tax rate in Mahnomen, MN is 0.55%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $132,800 in Mahnomen, the typical annual property tax bill is around $732, well below the national median of $2,690. Property taxes in Mahnomen 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 Mahnomen's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mahnomen or another part of Clearwater County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mahnomen, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$730
Ownwell’s Mahnomen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mahnomen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mahnomen 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 Mahnomen, Minnesota
Property taxes in Mahnomen, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mahnomen is 0.55%, lower than the U.S. national median of 0.99%. Local government entities within Mahnomen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mahnomen 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 Mahnomen's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56557 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Mahnomen provides valuable insights into the varying tax landscape across Clearwater County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mahnomen Tax Rate
0.55%
Average Clearwater County Tax Rate
0.60%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mahnomen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56557 | 0.48% | 0.52% | 0.55% | 0.55% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Mahnomen, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mahnomen, Minnesota. 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 Clearwater 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 Mahnomen, 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. For example, the median home price in Mahnomen is $132,800, with tax bills ranging from $500 at the 25th percentile to $1,276 at the 90th percentile. The highest and lowest median tax bills are both $732, found in the 56557 zip code. By understanding 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 Mahnomen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mahnomen Assessed Value
$132,800
Average Clearwater County Assessed Value
$127,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mahnomen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56557 | $33,940 | $88,950 | $132,800 | $167,950 | $235,820 |
Source: Ownwell
Property Tax Bills Across Mahnomen, Minnesota
In Mahnomen, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value. For homeowners in Mahnomen, the median home price is $132,800. Property tax bills can vary significantly, with the 25th percentile tax bill at $500 and the 75th percentile at $927. At the 90th percentile, homeowners might see tax bills as high as $1,276. The highest median tax bill recorded is $732, which aligns with the lowest median tax bill, indicating a consistent tax rate across the region. Compared to the national median property tax rate of 0.99%, Mahnomen's tax rate can have a substantial impact on homeowners, affecting their annual financial planning and overall cost of homeownership.
Average Mahnomen Tax Bill
$732
Average Clearwater County Tax Bill
$812
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mahnomen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56557 | $168 | $500 | $732 | $927 | $1,276 |
Source: Ownwell