Cook, Minnesota Property Taxes
The median property tax rate in Cook, MN is 1.07%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $123,900 in Cook, the typical annual property tax bill amounts to $1,274, which is below the national median of $2,690. Property taxes in Cook are based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Cook'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 Cook 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
Cook, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,326
Ownwell’s Cook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cook 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 Cook, Minnesota
Property taxes in COOK, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in COOK is 1.07%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within COOK set these rates annually, and they can vary significantly across different neighborhoods. Each year, COOK 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 COOK's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55723 zip code has the highest median property tax rate of 1.07%, while the 55723 zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with COOK provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cook Tax Rate
1.07%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55723 | 0.80% | 0.93% | 1.07% | 1.13% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Cook, Minnesota
In Cook, 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 St. Louis 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 Cook, 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 Cook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cook is $123,900, with the 25th percentile tax bill at $523 and the 75th percentile tax bill at $2,591. The highest and lowest median tax bill is $1,274 in the 55723 zip code.
Average Cook Assessed Value
$123,900
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55723 | $3,300 | $52,200 | $123,900 | $246,700 | $464,540 |
Source: Ownwell
Property Tax Bills Across Cook, Minnesota
In Cook, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value of the property, which is determined by the county assessor. Several factors influence the assessed value, including the property's location, size, and condition. For instance, in Cook, the median home price is $123,900. Homeowners in Cook experience a range of property tax bills. At the 25th percentile, the tax bill is around $523, while at the 75th percentile, it rises to $2,591, and at the 90th percentile, it can reach up to $4,938. This variability significantly impacts homeowners, as those with higher-valued properties or those living in areas with higher tax rates will face steeper tax bills. The highest median tax bill in the area is $1,274, found in the 55723 zip code. This figure is above the national median property tax rate of 0.99%, highlighting the relatively high property tax burden in Cook.
Average Cook Tax Bill
$1,274
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55723 | $65 | $523 | $1,274 | $2,591 | $4,938 |
Source: Ownwell