Falcon Heights, Minnesota Property Taxes
The median property tax rate in Falcon Heights, MN is 1.29%, significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $291,850 in Falcon Heights, the typical annual property tax bill reaches $3,942, surpassing the national median of $2,690. Property taxes in Falcon Heights 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 Falcon Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Falcon Heights 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
Falcon Heights, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$3,765
Ownwell’s Falcon Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Falcon Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falcon Heights 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 Falcon Heights, Minnesota
Property taxes in Falcon Heights, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falcon Heights is 1.29%, significantly higher than the U.S. national median of 0.99%. Local government entities within Falcon Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falcon Heights 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 Falcon Heights' effective property tax rate to other areas in Ramsey County and the national median. For comparison, the zip code 55108 has both the highest and lowest median property tax rate of 1.29%, underscoring the uniformity within this region. Understanding how these areas compare with Falcon Heights provides valuable insights into the varying tax landscape across Ramsey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falcon Heights Tax Rate
1.29%
Average Ramsey County Tax Rate
1.37%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falcon Heights, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55108 | 1.25% | 1.27% | 1.29% | 1.35% | 1.40% |
| 55113 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Falcon Heights, Minnesota
In Falcon Heights, 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 Ramsey 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 Falcon Heights, 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 Falcon Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Falcon Heights are both $3,942, found in the 55108 zip code.
Property Tax Assessment Values Across Falcon Heights, Minnesota
Source: Ownwell
$50,400
$482,050
$913,700
Average Falcon Heights Assessed Value
$291,850
Average Ramsey County Assessed Value
$300,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falcon Heights, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55108 | $261,600 | $271,250 | $298,750 | $330,425 | $347,980 |
| 55113 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Falcon Heights, Minnesota
Property tax bills in Falcon Heights, located in Ramsey County, MN, are calculated based on the assessed value of a property, which reflects its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Falcon Heights is $291,850. Homeowners in this area can expect their tax bills to vary significantly depending on their property's assessed value and the specific tax rate applied. Factors influencing the tax bill include property size, location, and any improvements made. In Falcon Heights, the 25th percentile of tax bills is around $3,470, while the 75th percentile reaches approximately $4,492. At the 90th percentile, homeowners might see tax bills as high as $4,686. These figures are notably higher than the national median property tax rate of 0.99%, reflecting the local economic conditions and funding requirements for public services. Consequently, homeowners in Falcon Heights need to be prepared for these substantial property tax obligations.
Average Falcon Heights Tax Bill
$3,942
Average Ramsey County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Falcon Heights, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55108 | $3,290 | $3,470 | $3,942 | $4,492 | $4,686 |
| 55113 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell