Bovey, Minnesota Property Taxes
The median property tax rate in Bovey, MN, is 0.88%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Bovey at $173,750, the typical annual property tax bill is $1,527, falling below the national median of $2,690. Property taxes in Bovey are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Bovey'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 Bovey 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
Bovey, 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 Bovey Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bovey with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Bovey to provide an estimated property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Itasca County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Bovey, Minnesota
Property taxes in Bovey, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bovey is 0.88%, which is below the U.S. national median of 0.99%. Local government entities within Bovey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bovey 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 Bovey's effective property tax rate to other areas and the national median. For comparison, the zip code 55709 has both the highest and lowest median property tax rate at 0.88%. Understanding how these areas compare with Bovey 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 Bovey Tax Rate
0.88%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bovey, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55709 | 0.56% | 0.78% | 0.88% | 1.03% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Bovey, Minnesota
In Bovey, 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 Itasca 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 Bovey, 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 Bovey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55709 has both the highest and lowest median tax bill at $1,527, compared to the national median property tax rate of 0.99%.
Average Bovey Assessed Value
$173,750
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 Bovey, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55709 | $49,890 | $93,175 | $173,750 | $270,725 | $385,000 |
Source: Ownwell
Property Tax Bills Across Bovey, Minnesota
Property tax bills in Bovey, located in Itasca County, MN, are calculated based on the assessed value of the property. The local tax assessor determines the property's assessed value, which is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Bovey, the median home price is $173,750. The property tax rate in Bovey is a crucial factor influencing the tax bill. While the national median property tax rate is 0.99%, the tax rate in Bovey can vary, affecting the final amount homeowners pay. For instance, the 25th percentile tax bill is $754, while the 75th percentile reaches $2,504, and the 90th percentile can be as high as $3,629. These variations show how different factors, such as property value and specific local tax rates, impact homeowners. Higher assessed values generally result in higher tax bills, which can influence decisions about buying or improving property in the area.
Average Bovey Tax Bill
$1,527
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bovey, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55709 | $356 | $754 | $1,527 | $2,504 | $3,629 |
Source: Ownwell