Bejou, Minnesota Property Taxes
The median property tax rate in Bejou, MN is 1.09%, slightly above the national median of 0.99% but just below the Minnesota state median of 1.11%. With a median home value of $67,500 in Bejou, the typical annual property tax bill amounts to $652, which is significantly lower than the national median of $2,690. Property taxes in Bejou are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Bejou'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 Bejou or another part of Mahnomen County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bejou, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Bejou Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bejou with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bejou 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 Bejou, Minnesota
Property taxes in Bejou, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bejou is 1.09%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Bejou set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bejou 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 Bejou's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56516 has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these figures compare with Bejou provides valuable insights into the varying tax landscape across Mahnomen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bejou Tax Rate
1.09%
Average Mahnomen County Tax Rate
1.01%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bejou, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56516 | 0.66% | 0.80% | 1.09% | 1.46% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Bejou, Minnesota
In Bejou, 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 Mahnomen 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 Bejou, 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 Bejou helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $652, found in the 56516 zip code.
Average Bejou Assessed Value
$67,500
Average Mahnomen County Assessed Value
$124,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bejou, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56516 | $6,560 | $24,200 | $67,500 | $131,800 | $242,760 |
Source: Ownwell
Property Tax Bills Across Bejou, Minnesota
In Bejou, Mahnomen County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, the median home price in Bejou is $67,500. Property tax rates in this region can vary, but if we consider the 25th percentile tax bill of $378 and the 75th percentile tax bill of $1,432, it’s clear that there is significant variation depending on the specific property and its assessed value. Several factors influence the tax bill, including property size, location, and improvements made to the property. Homeowners in Bejou may find their tax bills higher or lower than the national median property tax rate of 0.99%, depending on these variables. This variability can affect homeowners' budgets, making it essential for them to understand how their property’s assessed value and local tax rates impact their annual tax obligations.
Average Bejou Tax Bill
$652
Average Mahnomen County Tax Bill
$1,156
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bejou, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56516 | $102 | $378 | $652 | $1,432 | $2,443 |
Source: Ownwell