Pengilly, Minnesota Property Taxes
The median property tax rate in Pengilly, MN is 0.91%, slightly lower than the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Pengilly, the typical annual property tax bill reaches $1,417, significantly below the national median of $2,690. Property taxes in Pengilly are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Pengilly'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 Pengilly 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
Pengilly, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,521
Ownwell’s Pengilly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pengilly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pengilly 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 Pengilly, Minnesota
Property taxes in Pengilly, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Pengilly is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within Pengilly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pengilly 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 Pengilly's effective property tax rate to other areas in Itasca County and the national median. For comparison, the zip code 55775 in Itasca County has the same median property tax rate of 0.91%. Understanding how these areas compare with Pengilly 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 Pengilly Tax Rate
0.91%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pengilly, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55775 | 0.57% | 0.79% | 0.91% | 1.03% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Pengilly, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Pengilly, Minnesota. 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 Assessor's Office 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 in Pengilly 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. For instance, the median home price in Pengilly stands at $167,150. Tax bills can vary significantly, with the 25th percentile tax bill at $710 and the 75th percentile at $2,312, while the 90th percentile reaches up to $3,490. Notably, the highest and lowest median tax bills are both $1,417, found in the 55775 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Pengilly Assessed Value
$167,150
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 Pengilly, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55775 | $41,450 | $99,850 | $167,150 | $252,325 | $360,790 |
Source: Ownwell
Property Tax Bills Across Pengilly, Minnesota
In Pengilly, MN, located in Itasca County, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the market value of a home. For instance, with a median home price of $167,150, the tax bill can vary significantly. Homeowners in the 25th percentile typically see tax bills around $710, while those in the 75th percentile can expect to pay approximately $2,312. At the 90th percentile, tax bills can reach up to $3,490. Various factors influence these tax bills, including property size, location, and any applicable exemptions. The local tax rate and levies also play a crucial role. Compared to the national median property tax rate of 0.99%, Pengilly's figures highlight the variability within property taxes, underscoring the importance of understanding how these assessments impact homeowners financially. In Pengilly, the highest and lowest median tax bills both stand at $1,417, reflecting a uniformity in certain areas within the zip code 55775.
Average Pengilly Tax Bill
$1,417
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Pengilly, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55775 | $254 | $710 | $1,417 | $2,312 | $3,490 |
Source: Ownwell