Trail, Minnesota Property Taxes
The median property tax rate in Trail, MN is 0.54%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Trail, the typical annual property tax bill reaches $848, well below the national median of $2,690. Property taxes in Trail 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 Trail'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 Trail or another part of Red Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Trail, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$856
Ownwell’s Trail Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Trail with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trail 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 Trail, Minnesota
Property taxes in Trail, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trail is 0.54%, which is lower than the U.S. national median of 0.99%. Local government entities within Trail set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trail 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 Trail's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56684 zip code has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Trail provides valuable insights into the varying tax landscape across Red Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Trail Tax Rate
0.54%
Average Red Lake County Tax Rate
1.03%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trail, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56684 | 0.32% | 0.37% | 0.54% | 0.57% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Trail, Minnesota
In Trail, 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 Red Lake 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 Trail, 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. The median property tax bill in Trail is $848, with the highest and lowest median tax bills both being $848 in the 56684 zip code. Being aware of these valuation processes in Trail helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Trail Assessed Value
$158,600
Average Red Lake County Assessed Value
$138,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Trail, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56684 | $15,420 | $35,400 | $158,600 | $242,300 | $277,700 |
Source: Ownwell
Property Tax Bills Across Trail, Minnesota
In Trail, located in Red Lake County, MN, property tax bills are determined by assessing the value of your home and applying the local tax rate. The median home price in Trail is $158,600, and the property tax rate is applied to this assessed value. Factors like property size, location, and improvements can influence the assessed value, which in turn affects the tax bill. Homeowners in Trail can expect their tax bills to vary. The 25th percentile tax bill is around $430, while the 75th percentile tax bill reaches approximately $850. At the higher end, the 90th percentile tax bill is about $875. These figures indicate a range of tax liabilities depending on the specific characteristics of each property. Comparatively, the national median property tax rate is 0.99%, making Trail's property taxes relatively moderate. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances more effectively.
Average Trail Tax Bill
$848
Average Red Lake County Tax Bill
$1,274
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Trail, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56684 | $179 | $430 | $848 | $850 | $875 |
Source: Ownwell