Floodwood, Minnesota Property Taxes
The median property tax rate in Floodwood, MN is 0.87%, lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Floodwood at $68,100, the typical annual property tax bill is $530, significantly below the national median of $2,690. Property taxes in Floodwood are calculated based on the assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Floodwood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Floodwood 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
Floodwood, 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 Floodwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Floodwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floodwood 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 Itasca County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Floodwood, Minnesota
Property taxes in Floodwood, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Floodwood is 0.87%, which is lower than both the Minnesota state median of 1.08% and the U.S. national median of 0.99%. Local government entities within Floodwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floodwood 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 Floodwood's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55736 has both the highest and lowest median property tax rate of 0.87%. Understanding how these cities compare with Floodwood 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 Floodwood Tax Rate
0.87%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floodwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55736 | 0.48% | 0.85% | 0.87% | 0.90% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Floodwood, Minnesota
In Floodwood, 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. 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 Floodwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Floodwood is $530, found in zip code 55736.
Average Floodwood Assessed Value
$68,100
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 Floodwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55736 | $38,760 | $55,800 | $68,100 | $83,500 | $142,000 |
Source: Ownwell
Property Tax Bills Across Floodwood, Minnesota
In Floodwood, Itasca County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Floodwood is $68,100, and tax rates are applied to this assessed value to calculate the annual tax bill. The local tax rate in Itasca County is a significant factor, and it directly influences the amount homeowners pay. For example, the 25th percentile of tax bills is around $470, while the 75th percentile reaches $640. At the 90th percentile, homeowners can expect to pay approximately $801 annually. These figures illustrate the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Floodwood's rates reflect the local economic conditions and funding needs. Homeowners in Floodwood should be aware of these factors as they can significantly impact their annual financial planning and overall cost of homeownership.
Average Floodwood Tax Bill
$530
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Floodwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55736 | $293 | $470 | $530 | $640 | $801 |
Source: Ownwell