Tofte, Minnesota Property Taxes
The median property tax rate in Tofte, MN is 0.80%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Tofte at $303,100, the typical annual property tax bill reaches $2,483, slightly below the national median of $2,690. Property taxes in Tofte 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 Tofte'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 Tofte or another part of Cook County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tofte, 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 Tofte Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tofte with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tofte 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 Tofte, Minnesota
Property taxes in Tofte, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tofte is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Tofte set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tofte 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 Tofte's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55615 zip code has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with Tofte provides valuable insights into the varying tax landscape across Cook County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tofte Tax Rate
0.80%
Average Cook County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tofte, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55615 | 0.59% | 0.71% | 0.80% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Tofte, Minnesota
In Tofte, 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 Cook County Assessor 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 Tofte, 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 Tofte helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tofte is $303,100. The 25th percentile tax bill is $1,116, while the 75th percentile tax bill is $4,094, and the 90th percentile tax bill is $5,873. The highest and lowest median tax bill in Tofte is $2,483, found in the 55615 zip code.
Average Tofte Assessed Value
$303,100
Average Cook County Assessed Value
$271,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tofte, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55615 | $78,840 | $154,200 | $303,100 | $474,500 | $685,400 |
Source: Ownwell
Property Tax Bills Across Tofte, Minnesota
In Tofte, located in Cook County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as home size, location, and market trends influence the assessed value. Homeowners in Tofte experience a range of property tax bills. For instance, the 25th percentile tax bill is $1,116, while the 75th percentile reaches $4,094. At the 90th percentile, homeowners may pay up to $5,873. The highest and lowest median tax bills in the area are both $2,483, which highlights the variability within the region. Compared to the national median property tax rate of 0.99%, Cook County's rates can significantly impact homeowners' finances. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their budgets accordingly.
Average Tofte Tax Bill
$2,483
Average Cook County Tax Bill
$1,970
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Tofte, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55615 | $527 | $1,116 | $2,483 | $4,094 | $5,873 |
Source: Ownwell