Thief River Falls, Minnesota Property Taxes
The median property tax rate in Thief River Falls, MN is 0.62%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Thief River Falls at $312,000, the typical annual property tax bill amounts to $1,250, which is well below the national median of $2,690. Property taxes in Thief River Falls are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Thief River Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Thief River Falls or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thief River Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,934
Ownwell’s Thief River Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thief River Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thief River 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 Polk County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Thief River Falls, Minnesota
Property taxes in Thief River Falls, Minnesota, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Thief River Falls is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Thief River Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thief River 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 Thief River Falls' effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56701 has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Thief River 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 Thief River Falls Tax Rate
0.62%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thief River Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56701 | 0.28% | 0.33% | 0.62% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Thief River Falls, Minnesota
In Thief River 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 Thief River 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 Thief River Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Thief River Falls, the highest and lowest median tax bills are both $1,250, located in the 56701 zip code.
Property Tax Assessment Values Across Thief River Falls, Minnesota
Source: Ownwell
$40,200
$176,800
$313,400
Average Thief River Falls Assessed Value
$312,000
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 Thief River Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56701 | $142,740 | $222,750 | $312,000 | $394,425 | $462,150 |
Source: Ownwell
Property Tax Bills Across Thief River Falls, Minnesota
In Thief River Falls, Polk County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $312,000, homeowners can expect varying tax bills depending on specific assessments and exemptions. Several factors influence the tax bill, including property improvements, market conditions, and local government budgets. Homeowners in Thief River Falls typically see tax bills ranging from $1,110 at the 25th percentile to $1,554 at the 75th percentile, with the 90th percentile reaching up to $2,041. Comparatively, the national median property tax rate is 0.99%, highlighting that local rates can significantly impact the overall tax burden. These property taxes fund essential community services such as public schools, infrastructure, and emergency services, directly affecting homeowners' quality of life. Understanding these factors can help residents anticipate their tax obligations and manage their finances more effectively.
Average Thief River Falls Tax Bill
$1,250
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Thief River Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56701 | $918 | $1,110 | $1,250 | $1,554 | $2,041 |
Source: Ownwell