Red Lake Falls, Minnesota Property Taxes
The median property tax rate in Red Lake Falls, MN is 0.95%, slightly below 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 $231,900, the typical annual property tax bill reaches $2,154, which is lower than the national median of $2,690. Property taxes in Red Lake Falls are calculated based on the tax assessed value, typically lower than the market value due to exemptions such as those for primary residences and agricultural properties. 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
0.95%
Estimate Property Tax Bill
$2,203
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, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in RED LAKE FALLS is 1.05%, higher than both the Minnesota state median of 1.05% 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 56750 zip code has the highest median property tax rate of 1.05%, while the 56750 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with RED LAKE FALLS 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 Red Lake Falls Tax Rate
0.95%
Average Polk County Tax Rate
1.34%
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 | 0.41% | 0.75% | 0.95% | 1.38% | 1.41% |
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 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 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. The zip code 56750 in Red Lake Falls has the highest and lowest median tax bill, both at $2154.
Property Tax Assessment Values Across Red Lake Falls, Minnesota
Source: Ownwell
$40,200
$176,800
$313,400
Average Red Lake Falls Assessed Value
$231,900
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 Red Lake Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56750 | $123,340 | $185,400 | $231,900 | $321,100 | $376,760 |
Source: Ownwell
Property Tax Bills Across Red Lake Falls, Minnesota
In Red Lake Falls, Polk County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. 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 tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or abatements. For instance, the median home price in Red Lake Falls is $231,900, which serves as a reference point for many homeowners. The tax bill can vary significantly, with the 25th percentile at $1,673 and the 75th percentile at $2,455. For those in the 90th percentile, the tax bill can reach up to $3,002. Compared to the national median property tax rate of 0.99%, homeowners in Red Lake Falls experience a range of tax burdens. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Red Lake Falls Tax Bill
$2,154
Average Polk County Tax Bill
$2,200
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 | $1,351 | $1,673 | $2,154 | $2,455 | $3,002 |
Source: Ownwell