Beltrami, Minnesota Property Taxes
The median property tax rate in BELTRAMI, MN is 1.23%, higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in BELTRAMI at $134,500, the typical annual property tax bill reaches $1,656, surpassing the national median of $2,690. Property taxes in BELTRAMI are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding BELTRAMI'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 BELTRAMI 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
Beltrami, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,332
Ownwell’s BELTRAMI Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BELTRAMI with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BELTRAMI 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 Beltrami, Minnesota
Property taxes in Beltrami, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beltrami is 1.02%, higher than both the Minnesota state median of 1.03% and the U.S. national median of 0.99%. Local government entities within Beltrami set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beltrami 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 Beltrami's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56601 zip code has the highest median property tax rate of 1.02%, while the 56601 zip code has the lowest median tax rate of 1.02%. Understanding how these cities compare with Beltrami provides valuable insights into the varying tax landscape across Beltrami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beltrami Tax Rate
0.99%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beltrami, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56517 | 0.40% | 0.62% | 0.99% | 1.29% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Beltrami, Minnesota
In BELTRAMI, 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 local 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 BELTRAMI, 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 BELTRAMI helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56517, with a value of $1,243.
Average Beltrami Assessed Value
$134,500
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 Beltrami, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56517 | $24,150 | $63,600 | $134,500 | $391,650 | $663,000 |
Source: Ownwell
Property Tax Bills Across Beltrami, Minnesota
Property tax bills in Beltrami, located in Polk County, MN, are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is an estimate of the property's market value, which is periodically evaluated by local assessors. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $134,500, homeowners in Beltrami can expect varying tax bills. The 25th percentile tax bill is around $691, while the 75th percentile reaches up to $2,102. At the higher end, the 90th percentile tax bill can be as much as $3,857. These property tax bills significantly impact homeowners, influencing monthly mortgage payments and overall affordability. Compared to the national median property tax rate of 0.99%, Beltrami's tax rates reflect the local economic conditions and public service needs, which ultimately shape the financial landscape for property owners in the area.
Average Beltrami Tax Bill
$1,243
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Beltrami, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56517 | $457 | $691 | $1,243 | $2,102 | $3,857 |
Source: Ownwell