Grand Marais, Cook County, Minnesota Property Taxes
Median Grand Marais, MN effective property tax rate: 0.71%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Grand Marais, MN home value: $268,400
Median annual Grand Marais, MN tax bill: $1,944, $456 lower than the national median property tax bill of $2,400.
How are property taxes in Cook County calculated?
Property taxes in Grand Marais, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Grand Marais’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Grand Marais, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Grand Marais, Cook County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.71%
Estimate Property Tax Bill
$1,906
$1,768
Property Tax Rates Across Grand Marais, Cook County, Minnesota
Local government entities are responsible for setting tax rates, and these can differ significantly within a state. This variation occurs because each county annually estimates its budgetary needs to provide essential services and then divides this by the total assessed value of all taxable properties within its jurisdiction. This process determines the property tax rate. Although votes and legislation play roles in establishing these rates and budgets, this is essentially how it works each year.
In Grand Marais, located in Cook County, Minnesota, the effective property tax rate can be compared to other cities within the state and the national average. Minnesota's median property tax rate is below the national median of 1.02%. This presents an opportunity for property owners in Grand Marais to potentially save on property taxes compared to other regions with higher rates. Understanding how these rates are set and where they stand in relation to state and national figures can empower property owners to make informed decisions about their property tax obligations.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Grand Marais Tax Rate
0.71%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Cook County Tax Rate
0.72%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Grand Marais, Cook County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55604 | 0.53% | 0.63% | 0.71% | 0.80% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Grand Marais, Cook County, Minnesota
When examining property taxes in Grand Marais, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Cook County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Cook County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Grand Marais.
For example, the median home price in Grand Marais is $268,400, with tax bills ranging significantly across the county. The zip code 55604 has the highest median home price at $268,400.
Property Tax Assessment Values Across Grand Marais, Cook County, Minnesota
Source: Ownwell
$186,500
$263,425
$340,350
Median Grand Marais Market Value
$268,400
Median Cook County Market Value
$271,500
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Grand Marais, Cook County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55604 | $85,710 | $170,175 | $268,400 | $399,850 | $551,910 |
Source: Ownwell
Property Tax Bills Across Grand Marais, Cook County, Minnesota
Median Grand Marais Tax Bill
$1,944
Median Cook County Tax Bill
$1,970
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Grand Marais, Cook County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55604 | $554 | $1,112 | $1,944 | $2,990 | $4,215 |
Source: Ownwell