Askov, Minnesota Property Taxes
The median property tax rate in Askov, MN is 0.83%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Askov at $180,000, the typical annual property tax bill is $1,538, falling below the national median of $2,690. Property taxes in Askov are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Askov'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 Askov or another part of Pine County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Askov, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,494
Ownwell’s Askov Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Askov with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Askov 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 Askov, Minnesota
Property taxes in Askov, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Askov is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Askov set these rates annually, and they can vary significantly across different neighborhoods. Each year, Askov 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 Askov's effective property tax rate to other areas in Pine County and the national median. For comparison, the zip code 55704 has both the highest and lowest median property tax rate in the region at 0.83%. Understanding how these areas compare with Askov provides valuable insights into the varying tax landscape across Pine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Askov Tax Rate
0.83%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Askov, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55704 | 0.48% | 0.66% | 0.83% | 1.03% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Askov, Minnesota
In Askov, 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 Pine County Assessor's Office 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 Askov, 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 Askov helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Askov, the zip code with the highest median tax bill is 55704, with a median tax bill of $1538.
Average Askov Assessed Value
$180,000
Average Pine County Assessed Value
$174,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Askov, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55704 | $42,670 | $94,650 | $180,000 | $279,025 | $400,480 |
Source: Ownwell
Property Tax Bills Across Askov, Minnesota
In Askov, located in Pine 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 is meant to reflect the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Askov is $180,000, and the property tax rate in Pine County is relatively moderate compared to the national median property tax rate of 0.99%. Homeowners in Askov can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is about $606, while at the 75th percentile, it can go up to $2,271. For those in the 90th percentile, the tax bill can reach as high as $3,186. The highest and lowest median tax bills in the area are both $1,538, indicating a consistent tax environment within the zip code 55704. These property taxes are crucial for funding local services, including schools, infrastructure, and emergency services, thereby directly impacting the community and homeowners.
Average Askov Tax Bill
$1,538
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Askov, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55704 | $259 | $606 | $1,538 | $2,271 | $3,186 |
Source: Ownwell