Bagley, Minnesota Property Taxes
The median property tax rate in Bagley, MN is 0.90%, 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 Bagley, the typical annual property tax bill reaches $1,674, falling below the national median of $2,690. Property taxes in Bagley 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 Bagley'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 Bagley 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
Bagley, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,914
Ownwell’s Bagley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bagley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bagley 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 Bagley, Minnesota
Property taxes in Bagley, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bagley is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Bagley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bagley 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 Bagley's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56621 has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Bagley provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bagley Tax Rate
0.90%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bagley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56621 | 0.51% | 0.60% | 0.90% | 1.08% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Bagley, Minnesota
In Bagley, 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 Polk 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 Bagley, 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 Bagley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 56621, both at $1,674.
Average Bagley Assessed Value
$212,650
Average Polk County Assessed Value
$183,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bagley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56621 | $99,900 | $135,900 | $212,650 | $252,125 | $316,560 |
Source: Ownwell
Property Tax Bills Across Bagley, Minnesota
In Bagley, located in Polk County, MN, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Bagley is $212,650. Homeowners' tax bills are influenced by several factors including the property's assessed value, local tax rates, and any applicable exemptions. For instance, a property in the 25th percentile of tax bills pays around $1,115, while those in the 75th percentile face bills of approximately $2,150. At the 90th percentile, tax bills can reach up to $2,616. These tax bills are crucial for homeowners as they directly impact annual expenses and the affordability of maintaining a property. Compared to the national median property tax rate of 0.99%, Bagley's property tax rate can vary significantly, influencing the overall financial burden on residents. Ensuring accurate property assessments and understanding potential exemptions can help homeowners manage these costs effectively.
Average Bagley Tax Bill
$1,674
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bagley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56621 | $780 | $1,115 | $1,674 | $2,150 | $2,616 |
Source: Ownwell