Crosby, Minnesota Property Taxes
The median property tax rate in Crosby, MN is 0.54%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Crosby at $166,900, the typical annual property tax bill reaches $868, significantly below the national median of $2,690. Property taxes in Crosby are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Crosby'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 Crosby 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
Crosby, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$901
Ownwell’s Crosby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crosby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crosby 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 Crosby, Minnesota
Property taxes in Crosby, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crosby is 0.54%, which is lower than the U.S. national median of 0.99%. Local government entities within Crosby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crosby 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 Crosby's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56441 has both the highest and lowest median property tax rate of 0.54%. Understanding how these cities compare with Crosby provides valuable insights into the varying tax landscape across Crow Wing County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crosby Tax Rate
0.54%
Average Crow Wing County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crosby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56441 | 0.24% | 0.44% | 0.54% | 0.66% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Crosby, Minnesota
In Crosby, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Crow Wing 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. Assessment notices in Crosby 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. In Crosby, the median home price is $166,900. The 25th percentile tax bill is $364, while the 75th percentile reaches $1,770, and the 90th percentile is $2,835. The highest and lowest median tax bills in Crosby are both $868, found in the 56441 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Crosby Assessed Value
$166,900
Average Crow Wing County Assessed Value
$265,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crosby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56441 | $5,840 | $78,000 | $166,900 | $329,800 | $501,020 |
Source: Ownwell
Property Tax Bills Across Crosby, Minnesota
In Crosby, located in Crow Wing County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Crosby is $166,900. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies an assessment ratio to it. Homeowners in Crosby can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $364, while the 75th percentile tax bill rises to $1,770. At the 90th percentile, the tax bill can reach up to $2,835. These tax rates are influenced by various factors, including local government budgets, school district funding, and public services. Homeowners in Crosby with higher-valued properties will naturally see higher tax bills, impacting their annual financial planning. By understanding how these factors interplay, homeowners can better anticipate their property tax obligations and manage their finances accordingly. Compared to the national median property tax rate of 0.99%, Crosby offers a diverse range of tax bills that reflect its unique local economy and property values.
Average Crosby Tax Bill
$868
Average Crow Wing County Tax Bill
$1,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Crosby, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56441 | $71 | $364 | $868 | $1,770 | $2,835 |
Source: Ownwell