East Grand Forks, Minnesota Property Taxes
The median property tax rate in East Grand Forks, MN, is 1.48%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in East Grand Forks at $221,900, the typical annual property tax bill reaches $3,200, exceeding the national median of $2,690. Property taxes in East Grand Forks are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding East Grand Forks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of East Grand Forks 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
East Grand Forks, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$3,284
Ownwell’s East Grand Forks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Grand Forks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Grand Forks 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 East Grand Forks, Minnesota
Property taxes in East Grand Forks, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Grand Forks is 1.48%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within East Grand Forks set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Grand Forks 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 East Grand Forks' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56721 zip code has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with East Grand Forks 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 East Grand Forks Tax Rate
1.48%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Grand Forks, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56721 | 0.92% | 1.36% | 1.48% | 1.56% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across East Grand Forks, Minnesota
In East Grand Forks, 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 East Grand Forks, 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 East Grand Forks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $3200, located in the 56721 zip code.
Property Tax Assessment Values Across East Grand Forks, Minnesota
Source: Ownwell
$40,200
$176,800
$313,400
Average East Grand Forks Assessed Value
$221,900
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 East Grand Forks, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56721 | $121,600 | $171,600 | $221,900 | $288,150 | $366,010 |
Source: Ownwell
Property Tax Bills Across East Grand Forks, Minnesota
In East Grand Forks, located in Polk County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. The tax rate is then applied to this assessed value to determine the annual property tax bill. For instance, with a median home price of $221,900, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $2,414, while at the 75th percentile, it rises to approximately $4,249. The 90th percentile sees tax bills reaching up to $5,707. These figures highlight the range of property taxes that homeowners may face, influenced by factors such as property value and specific local tax rates. Compared to the national median property tax rate of 0.99%, East Grand Forks' property tax rates can significantly impact homeowners, affecting their overall financial planning and housing affordability.
Average East Grand Forks Tax Bill
$3,200
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across East Grand Forks, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56721 | $1,654 | $2,414 | $3,200 | $4,249 | $5,707 |
Source: Ownwell