International Falls, Minnesota Property Taxes
The median property tax rate in International Falls, MN is 0.84%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $103,300 in International Falls, the typical annual property tax bill amounts to $820, significantly less than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding International Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of International Falls 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
International Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$868
Ownwell’s International Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in International Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in International Falls 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 International Falls, Minnesota
Property taxes in International Falls, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in International Falls is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within International Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, International Falls 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 International Falls' effective property tax rate to other areas and the national median. For comparison, the zip code 56649 in International Falls has both the highest and lowest median property tax rate of 0.84%. Understanding how these rates compare with International Falls provides valuable insights into the varying tax landscape across Koochiching County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average International Falls Tax Rate
0.84%
Average Koochiching County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across International Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56649 | 0.45% | 0.54% | 0.84% | 1.10% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across International Falls, Minnesota
In International Falls, 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 Koochiching County Assessor 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 International Falls, 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 International Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $103,300, with the highest and lowest median tax bills both recorded at $820 in zip code 56649.
Property Tax Assessment Values Across International Falls, Minnesota
Source: Ownwell
$42,200
$118,950
$195,700
Average International Falls Assessed Value
$103,300
Average Koochiching County Assessed Value
$92,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across International Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56649 | $28,560 | $52,000 | $103,300 | $195,600 | $362,300 |
Source: Ownwell
Property Tax Bills Across International Falls, Minnesota
In International Falls, located in Koochiching County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in this area is $103,300. The tax rate is applied to this assessed value to compute the tax bill. For homeowners, the amount they owe can vary significantly. At the 25th percentile, property tax bills are around $501, while at the 75th percentile, they reach approximately $1,442. For those at the 90th percentile, the tax bill can be as high as $2,352. Several factors influence the total tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, homeowners in International Falls may find their tax bills to be relatively moderate. Understanding these components can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average International Falls Tax Bill
$820
Average Koochiching County Tax Bill
$689
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across International Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56649 | $292 | $501 | $820 | $1,442 | $2,352 |
Source: Ownwell