Taconite, Minnesota Property Taxes
The median property tax rate in Taconite, MN is 0.94%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Taconite at $118,600, the typical annual property tax bill is approximately $1,009, which is below the national median of $2,690. Property taxes in Taconite 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 Taconite'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 Taconite 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
Taconite, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,115
Ownwell’s Taconite Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taconite with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taconite 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 Taconite, Minnesota
Property taxes in Taconite, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taconite is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Taconite set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taconite 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 Taconite's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55786 zip code has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Taconite 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 Taconite Tax Rate
0.94%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taconite, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55786 | 0.52% | 0.76% | 0.94% | 1.21% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Taconite, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Taconite, 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. In Taconite, 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 Taconite helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Taconite is $118,600, with the highest and lowest median tax bills both recorded at $1,009 in the 55786 zip code.
Average Taconite Assessed Value
$118,600
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 Taconite, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55786 | $17,780 | $71,300 | $118,600 | $162,950 | $199,320 |
Source: Ownwell
Property Tax Bills Across Taconite, Minnesota
In Taconite, property tax bills are calculated based on the assessed value of a home, which is determined by the Itasca County Assessor's Office. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Taconite, the median home price is $118,600. Property tax bills can vary significantly, with the 25th percentile paying around $445 and the 75th percentile paying up to $1,518. The highest median tax bill in the area is $1,009, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including property size, location, and any applicable exemptions. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community. Homeowners should be aware of these factors as they can significantly affect their annual expenses and overall financial planning.
Average Taconite Tax Bill
$1,009
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Taconite, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55786 | $188 | $445 | $1,009 | $1,518 | $2,002 |
Source: Ownwell