Marble, Minnesota Property Taxes
The median property tax rate in Marble, MN is 1.00%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $97,150 in Marble, the typical annual property tax bill amounts to $968, which is below the national median of $2,690. Property taxes in Marble are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Marble'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 Marble or elsewhere in the city, gaining insights into the local property tax structure will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marble, 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 Marble Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marble with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marble 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 Marble, Minnesota
Property taxes in Marble, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marble is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Marble set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marble 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 Marble's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55764 has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Marble 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 Marble Tax Rate
1.00%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marble, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55764 | 0.53% | 0.76% | 1.00% | 1.31% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Marble, Minnesota
In Marble, 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 Marble, 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 Marble helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Marble is $97,150, with tax bills ranging from $539 at the 25th percentile to $1,396 at the 75th percentile. The highest and lowest median tax bills are both $968, found in zip code 55764.
Average Marble Assessed Value
$97,150
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 Marble, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55764 | $34,900 | $71,725 | $97,150 | $127,775 | $161,570 |
Source: Ownwell
Property Tax Bills Across Marble, Minnesota
In Marble, located in Itasca County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Marble is $97,150. To determine a homeowner's tax bill, the assessed value of the property is multiplied by the local tax rate. For instance, homeowners in Marble can expect tax bills to vary significantly, with the 25th percentile at $539 and the 75th percentile at $1,396. At the 90th percentile, tax bills can reach up to $1,987. These figures indicate how property taxes can impact homeowners differently based on the value of their property. Additionally, the highest and lowest median tax bills in the area are both $968, which shows a consistent tax rate within the ZIP code 55764. Compared to the national median property tax rate of 0.99%, Marble's property taxes are influenced by local policies and property values, affecting the overall financial burden on homeowners.
Average Marble Tax Bill
$968
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Marble, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55764 | $261 | $539 | $968 | $1,396 | $1,987 |
Source: Ownwell