Backus, Minnesota Property Taxes
The median property tax rate in Backus, MN is 0.60%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Backus at $141,500, the typical annual property tax bill reaches $898, significantly below the national median of $2,690. Property taxes in Backus 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 Backus'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 Backus 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
Backus, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$849
Ownwell’s Backus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Backus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Backus 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 Backus, Minnesota
Property taxes in Backus, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Backus is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Backus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Backus 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 Backus's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56435 has both the highest and lowest median property tax rate of 0.60%. Understanding how Backus compares with other areas provides valuable insights into the varying tax landscape across Hubbard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Backus Tax Rate
0.60%
Average Hubbard County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Backus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56435 | 0.37% | 0.53% | 0.60% | 0.75% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Backus, Minnesota
In Backus, 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 Hubbard 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 Backus, 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. The median home price in Backus is $141,500, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $716, while the 75th percentile tax bill is $1,304. Interestingly, the highest and lowest median tax bills are both $898, found in the 56435 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Backus Assessed Value
$141,500
Average Hubbard County Assessed Value
$236,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Backus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56435 | $77,440 | $103,500 | $141,500 | $255,800 | $397,100 |
Source: Ownwell
Property Tax Bills Across Backus, Minnesota
In Backus, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Backus is $141,500, which serves as a significant factor in determining the tax bill. Property taxes are influenced by various elements, including property assessments, local government budgets, and specific tax rates set by Hubbard County. Homeowners in Backus can expect a range of property tax bills. For instance, the 25th percentile tax bill is $716, while the 75th percentile tax bill is $1304, and the 90th percentile tax bill reaches $1389. These figures indicate that property taxes in Backus can vary widely depending on the value of the property and other local factors. Compared to the national median property tax rate of 0.99%, Backus homeowners experience a relatively moderate tax burden. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Backus Tax Bill
$898
Average Hubbard County Tax Bill
$1,832
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Backus, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56435 | $545 | $716 | $898 | $1,304 | $1,389 |
Source: Ownwell