Eveleth, Minnesota Property Taxes
The median property tax rate in Eveleth, MN is 1.15%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Eveleth being $86,950, the typical annual property tax bill reaches $1,107, which is below the national median of $2,690. Property taxes in Eveleth 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 Eveleth'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 Eveleth 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
Eveleth, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$1,000
Ownwell’s Eveleth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eveleth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eveleth 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 Eveleth, Minnesota
Property taxes in Eveleth, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eveleth is 1.15%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Eveleth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eveleth 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 Eveleth's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55734 zip code has the highest median property tax rate of 1.15%, while the 55734 zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Eveleth 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 Eveleth Tax Rate
1.15%
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 Eveleth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55734 | 0.82% | 0.99% | 1.15% | 1.45% | 2.22% |
Source: Ownwell
Property Tax Assessment Values Across Eveleth, Minnesota
In Eveleth, 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 Assessor 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 Eveleth, 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 Eveleth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Eveleth is $1,107 in zip code 55734, which is also the lowest median tax bill, reflecting the town's uniformity in property tax assessments.
Average Eveleth Assessed Value
$86,950
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 Eveleth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55734 | $10,600 | $46,300 | $86,950 | $185,575 | $294,310 |
Source: Ownwell
Property Tax Bills Across Eveleth, Minnesota
In Eveleth, St. Louis County, MN, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate to calculate the annual tax bill. For instance, with a median home price of $86,950, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors influencing the tax bill include property improvements, neighborhood changes, and local government budget requirements. The 25th percentile tax bill in Eveleth is around $486, while the 75th percentile reaches $2,168, and the 90th percentile can be as high as $3,480. These figures illustrate the range of property tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Eveleth's rates reflect the local economic conditions and municipal needs, directly impacting homeowners' financial responsibilities.
Average Eveleth Tax Bill
$1,107
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 Eveleth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55734 | $144 | $486 | $1,107 | $2,168 | $3,480 |
Source: Ownwell