Red Lake Falls, Minnesota Property Taxes
The median property tax rate in Red Lake Falls, MN is 0.62%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Red Lake Falls at $196,600, the typical annual property tax bill reaches $1,248, falling below the national median of $2,690. Property taxes in Red Lake Falls are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Red Lake Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Red Lake Falls 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
Red Lake Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,219
Ownwell’s Red Lake Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Red Lake Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Red Lake Falls 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 Red Lake Falls, Minnesota
Property taxes in Red Lake Falls, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Lake Falls is 0.62%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Red Lake Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Lake Falls 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 Red Lake Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56750 has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Red Lake Falls provides valuable insights into the varying tax landscape across Pennington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Red Lake Falls Tax Rate
0.62%
Average Pennington County Tax Rate
1.13%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Red Lake Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56750 | 0.40% | 0.41% | 0.62% | 0.82% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Red Lake Falls, Minnesota
In Red Lake Falls, 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 Pennington 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 Red Lake Falls, 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 Red Lake Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Red Lake Falls, Minnesota
Source: Ownwell
$142,200
$217,650
$293,100
Average Red Lake Falls Assessed Value
$196,600
Average Pennington County Assessed Value
$156,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Red Lake Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56750 | $50,200 | $96,100 | $196,600 | $335,100 | $480,900 |
Source: Ownwell
Property Tax Bills Across Red Lake Falls, Minnesota
In Red Lake Falls, located in Pennington County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Red Lake Falls experience a median property tax rate that is comparable to the national median of 0.99%. Several factors influence the final tax bill, including the property's location, size, and improvements. For instance, the median home price in Red Lake Falls is $196,600. Depending on the assessed value, property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $638, while at the 75th percentile, the tax bill can rise to $2,155. The highest median tax bill recorded is $1,248 in the zip code 56750, which is consistent across the area. Understanding these factors helps homeowners budget for annual expenses and anticipate any changes due to property improvements or market value adjustments.
Average Red Lake Falls Tax Bill
$1,248
Average Pennington County Tax Bill
$1,610
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Red Lake Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56750 | $277 | $638 | $1,248 | $2,155 | $3,190 |
Source: Ownwell