Foreston, Minnesota Property Taxes
The median property tax rate in Foreston, MN is 0.95%, slightly below the national median of 0.99% and significantly lower than the Minnesota state median of 1.11%. With the median home value in Foreston at $285,850, the typical annual property tax bill reaches $2,592, which is less than the national median of $2,690. Property taxes in Foreston are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Foreston'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 Foreston or another part of Mille Lacs County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Foreston, 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 Foreston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Foreston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foreston 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 Foreston, Minnesota
Property taxes in Foreston, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foreston is 0.95%, which is slightly below the U.S. national median of 0.99%. Local government entities within Foreston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foreston 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 Foreston's effective property tax rate to other areas in Mille Lacs County and the national median. For comparison, the zip code 56330 has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these areas compare with Foreston 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 Foreston Tax Rate
0.95%
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 Foreston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56330 | 0.61% | 0.83% | 0.95% | 1.14% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Foreston, Minnesota
In Foreston, 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 Foreston, 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. The highest median tax bill in Foreston is $2,592, found in the 56330 zip code, which is also the area with the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Foreston Assessed Value
$285,850
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 Foreston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56330 | $135,720 | $196,700 | $285,850 | $376,725 | $488,220 |
Source: Ownwell
Property Tax Bills Across Foreston, Minnesota
In Foreston, located in Mille Lacs County, MN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local government assessors and reflects the market value of the property. Homeowners in Foreston can expect their property tax bills to vary significantly depending on the value of their homes. For instance, the 25th percentile tax bill stands at $1,830, while the 75th percentile tax bill reaches $3,602. Those at the higher end, in the 90th percentile, may see tax bills as high as $4,454. The median home price in Foreston is $285,850, which influences the overall tax bill. Compared to the national median property tax rate of 0.99%, the property taxes in this area can be relatively high or low depending on the specific assessed value of the property. These variations in tax bills impact homeowners by affecting their annual financial planning and overall cost of homeownership.
Average Foreston Tax Bill
$2,592
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 Foreston, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56330 | $992 | $1,830 | $2,592 | $3,602 | $4,454 |
Source: Ownwell