Blackduck, Minnesota Property Taxes
The median property tax rate in Blackduck, MN is 0.82%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $91,750 in Blackduck, the typical annual property tax bill is around $617, significantly below the national median of $2,690. Property taxes in Blackduck are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Blackduck'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 Blackduck or another part of Itasca County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Blackduck, 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 Blackduck Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Blackduck. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Blackduck to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities, making it easier to plan your finances. For those interested in more detailed insights, you can explore trends at a neighborhood level by scrolling down. Your property’s assessed value, determined by Itasca County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Blackduck, Minnesota
Property taxes in Blackduck, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blackduck is 0.82%, which is lower than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Blackduck set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blackduck 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 Blackduck's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56630 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Blackduck provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blackduck Tax Rate
0.82%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blackduck, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56630 | 0.35% | 0.51% | 0.82% | 0.90% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Blackduck, Minnesota
In Blackduck, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Itasca 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 Blackduck, 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 Blackduck helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $617 in the 56630 zip code.
Average Blackduck Assessed Value
$91,750
Average Itasca County Assessed Value
$169,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blackduck, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56630 | $33,990 | $57,925 | $91,750 | $158,275 | $223,640 |
Source: Ownwell
Property Tax Bills Across Blackduck, Minnesota
In Blackduck, located in Itasca County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and physical condition. For homeowners in Blackduck, the median home price is $91,750. The tax bills can vary significantly, with the 25th percentile tax bill at $358 and the 75th percentile tax bill at $1,056. At the higher end, the 90th percentile tax bill reaches $1,566. These variations can impact homeowners differently, depending on their property's assessed value and the applicable tax rate. Comparatively, the median property tax rate in Blackduck aligns with the national median of 0.99%, making it relatively standard. Homeowners should be aware of these factors as they can significantly affect their annual financial planning and overall cost of homeownership.
Average Blackduck Tax Bill
$617
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Blackduck, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56630 | $167 | $358 | $617 | $1,056 | $1,566 |
Source: Ownwell