Foley, Minnesota Property Taxes
The median property tax rate in Foley, MN is 0.90%, 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 $58,300 in Foley, the typical annual property tax bill is $493, significantly below the national median of $2,690. Property taxes in Foley are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Foley'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 Foley 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
Foley, 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 Foley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Foley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foley 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 Foley, Minnesota
Property taxes in Foley, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foley is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Foley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foley 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 Foley's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56329 has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Foley provides valuable insights into the varying tax landscape across Mille Lacs County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Foley Tax Rate
0.90%
Average Mille Lacs County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56329 | 0.82% | 0.86% | 0.90% | 0.92% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Foley, Minnesota
In Foley, 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 Mille Lacs 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 Foley, 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. Foley's median home price is $58,300, with annual tax bills ranging from $432 at the 25th percentile to $1,516 at the 90th percentile. Zip code 56329 has the highest and lowest median tax bill at $493. By understanding 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 Foley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Foley Assessed Value
$58,300
Average Mille Lacs County Assessed Value
$240,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Foley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56329 | $41,830 | $46,825 | $58,300 | $105,150 | $173,820 |
Source: Ownwell
Property Tax Bills Across Foley, Minnesota
In Foley, Mille Lacs County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $58,300, property tax bills can vary significantly. Homeowners in the 25th percentile pay around $432, while those in the 75th percentile see bills closer to $882. At the 90th percentile, tax bills can reach up to $1,516. Compared to the national median property tax rate of 0.99%, these figures illustrate the variability within the region. Factors such as property improvements, neighborhood developments, and changes in local tax rates can all influence the assessed value and, consequently, the tax bill. For homeowners, staying informed about these factors is crucial, as property taxes represent a significant annual expense that can impact overall financial planning.
Average Foley Tax Bill
$493
Average Mille Lacs County Tax Bill
$2,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Foley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56329 | $387 | $432 | $493 | $882 | $1,516 |
Source: Ownwell