Angle Inlet, Minnesota Property Taxes
The median property tax rate in Angle Inlet, MN is 0.74%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $129,000 in Angle Inlet, the typical annual property tax bill amounts to $860, significantly below the national median of $2,690. Property taxes in Angle Inlet are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Angle Inlet'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 Angle Inlet or another part of Lake of the Woods County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Angle Inlet, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$955
Ownwell’s Angle Inlet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Angle Inlet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Angle Inlet 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 Angle Inlet, Minnesota
Property taxes in Angle Inlet, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Angle Inlet is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Angle Inlet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Angle Inlet 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 Angle Inlet's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56711 zip code has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Angle Inlet provides valuable insights into the varying tax landscape across Lake of the Woods County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Angle Inlet Tax Rate
0.74%
Average Lake Of The Woods County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Angle Inlet, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56711 | 0.57% | 0.64% | 0.74% | 0.79% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Angle Inlet, Minnesota
In Angle Inlet, 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 of the Woods 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 Angle Inlet, 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 Angle Inlet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $129,000, with tax bills ranging from $274 at the 25th percentile to $1,604 at the 75th percentile, and $2,578 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 56711, at $860.
Average Angle Inlet Assessed Value
$129,000
Average Lake Of The Woods County Assessed Value
$104,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Angle Inlet, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56711 | $12,500 | $41,200 | $129,000 | $219,950 | $329,500 |
Source: Ownwell
Property Tax Bills Across Angle Inlet, Minnesota
In Angle Inlet, located in Lake of the Woods 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 this area is $129,000. Property taxes are influenced by several factors, including the property's assessed value, local government budgets, and the specific tax rates set by various taxing authorities like school districts and municipalities. For homeowners in Angle Inlet, property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $274, while at the 75th percentile, it rises to $1,604. At the 90th percentile, homeowners might see a tax bill as high as $2,578. The highest and lowest median tax bills in the area are both $860, indicating a relatively narrow range of median tax burdens compared to the national median property tax rate of 0.99%. These taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Angle Inlet Tax Bill
$860
Average Lake Of The Woods County Tax Bill
$794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Angle Inlet, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56711 | $94 | $274 | $860 | $1,604 | $2,578 |
Source: Ownwell