Salol, Minnesota Property Taxes
The median property tax rate in Salol, MN is 0.86%, which is lower than both the national median of 0.99% and Minnesota's state median of 1.11%. With a median home value of $160,600 in Salol, the typical annual property tax bill amounts to $1,437, falling below the national median of $2,690. Property taxes in Salol are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Salol'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 Salol or another part of Roseau County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Salol, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s SALOL Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in SALOL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SALOL 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 Salol, Minnesota
Property taxes in Salol, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Salol is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Salol set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salol 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 Salol's effective property tax rate to other areas in Roseau County and the national median. For comparison, the highest and lowest median property tax rates in Roseau County are both 0.86%, found in the zip code 56756. Understanding how these areas compare with Salol provides valuable insights into the varying tax landscape across Roseau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Salol Tax Rate
0.86%
Average Roseau County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salol, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56756 | 0.49% | 0.74% | 0.86% | 0.94% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Salol, Minnesota
In Salol, 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 Roseau 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 Salol, 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 Salol helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Salol is $1,437 in the 56756 zip code, while the lowest is also $1,437 in the same zip code.
Average Salol Assessed Value
$160,600
Average Roseau County Assessed Value
$181,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Salol, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56756 | $11,440 | $65,200 | $160,600 | $257,800 | $353,080 |
Source: Ownwell
Property Tax Bills Across Salol, Minnesota
In Salol, property tax bills are calculated based on the assessed value of the property and the local tax rate set by Roseau County. The assessed value is determined by the county assessor, who evaluates the property's market value. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, in Salol, the median home price is $160,600. Property tax bills can vary significantly, with the 25th percentile at $860 and the 75th percentile at $2,246, highlighting the range of tax burdens homeowners might face. The highest median tax bill in the area is $1,437, which is above the national median property tax rate of 0.99%. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Homeowners in Salol should be aware of these factors as they significantly influence their annual financial planning and overall property affordability.
Average Salol Tax Bill
$1,437
Average Roseau County Tax Bill
$1,664
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Salol, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56756 | $364 | $860 | $1,437 | $2,246 | $3,004 |
Source: Ownwell