Jacobson, Minnesota Property Taxes
The median property tax rate in Jacobson, MN is 0.74%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Jacobson at $130,900, the typical annual property tax bill amounts to $870, well below the national median of $2,690. Property taxes in Jacobson are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Jacobson'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 Jacobson 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
Jacobson, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$969
Ownwell’s Jacobson Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Jacobson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jacobson 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 Jacobson, Minnesota
Property taxes in Jacobson, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jacobson is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Jacobson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jacobson 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 Jacobson's effective property tax rate to other areas in Itasca County and the national median. For comparison, the zip code 55752 has both the highest and the lowest median property tax rate of 0.74%. Understanding how these areas compare with Jacobson 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 Jacobson Tax Rate
0.74%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jacobson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55752 | 0.37% | 0.50% | 0.74% | 0.83% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Jacobson, Minnesota
In Jacobson, 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. In Itasca County, this value is estimated 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 Jacobson, 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 Jacobson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55752 has the highest median tax bill at $870.00, demonstrating the importance of these valuation processes.
Average Jacobson Assessed Value
$130,900
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 Jacobson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55752 | $67,020 | $85,500 | $130,900 | $258,800 | $288,920 |
Source: Ownwell
Property Tax Bills Across Jacobson, Minnesota
In Jacobson, Itasca County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Jacobson is $130,900, with property tax rates varying significantly across different properties. For instance, homeowners at the 25th percentile pay around $580 annually, while those at the 75th percentile face a tax bill of approximately $1,481. At the 90th percentile, tax bills can reach up to $2,090. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Jacobson's rates reflect a range of financial impacts on homeowners. Understanding these factors helps residents anticipate their tax obligations and plan accordingly. The highest and lowest median tax bills in the area both stand at $870, highlighting the variability in property tax assessments within the region.
Average Jacobson Tax Bill
$870
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Jacobson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55752 | $317 | $580 | $870 | $1,481 | $2,090 |
Source: Ownwell