Beaver Bay, Minnesota Property Taxes
The median property tax rate in Beaver Bay, MN is 1.04%, slightly higher than the national median of 0.99% but lower than Minnesota's state median of 1.11%. With a median home value of $227,000 in Beaver Bay, the typical annual property tax bill amounts to $1,947, which is below the national median of $2,690. Property taxes in Beaver Bay are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Beaver Bay's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you reside in the heart of Beaver Bay or another area within Lake County, gaining insights into the local property tax system will be beneficial.
Last Updated June 14, 2024
Beaver Bay, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$2,361
Ownwell’s Beaver Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beaver Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beaver Bay 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 Beaver Bay, Minnesota
Property taxes in Beaver Bay, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beaver Bay is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Beaver Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beaver Bay 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 Beaver Bay's effective property tax rate to other areas in Lake County and the national median. For comparison, the zip code 55601 has the highest median property tax rate of 1.04%, while it also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Beaver Bay provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beaver Bay Tax Rate
1.04%
Average Lake County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beaver Bay, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55601 | 0.50% | 0.71% | 1.04% | 1.27% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Beaver Bay, Minnesota
In Beaver Bay, 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 Lake 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 Beaver Bay, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Beaver Bay are both $1,947, found in the 55601 zip code, highlighting the uniformity in tax burdens across different properties in the area.
Average Beaver Bay Assessed Value
$227,000
Average Lake County Assessed Value
$222,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beaver Bay, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55601 | $20,130 | $128,225 | $227,000 | $507,325 | $609,750 |
Source: Ownwell
Property Tax Bills Across Beaver Bay, Minnesota
In Beaver Bay, located in Lake 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 Beaver Bay is $227,000, and tax bills can vary significantly across different percentiles. For instance, the 25th percentile tax bill is $969, while the 75th percentile reaches $5,495, and the 90th percentile can go up to $7,035. These variations highlight how property values and local tax rates impact individual tax bills. The local tax rate in Beaver Bay is a critical factor, and it can be compared to the national median property tax rate of 0.99%. Homeowners in Beaver Bay with properties in the highest median tax bill zip code, 55601, face a tax bill of $1,947. Factors such as property location, assessed value, and local levies all play a role in determining the final tax bill. Understanding these elements can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Beaver Bay Tax Bill
$1,947
Average Lake County Tax Bill
$1,364
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Beaver Bay, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55601 | $185 | $969 | $1,947 | $5,495 | $7,035 |
Source: Ownwell