Proctor, Minnesota Property Taxes
The median property tax rate in Proctor, MN is 1.36%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Proctor, the typical annual property tax bill reaches $3,487, exceeding the national median of $2,690. Property taxes in Proctor 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 Proctor'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 Proctor 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
Proctor, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$3,415
Ownwell’s Proctor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Proctor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Proctor 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 Proctor, Minnesota
Property taxes in Proctor, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Proctor is 1.36%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Proctor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Proctor 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 Proctor's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55810 zip code has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these cities compare with Proctor 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 Proctor Tax Rate
1.36%
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 Proctor, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55810 | 1.26% | 1.30% | 1.36% | 1.43% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Proctor, Minnesota
In Proctor, 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 Proctor, 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 Proctor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Proctor is $251,100, with tax bills ranging from $3,012 at the 25th percentile to $4,248 at the 90th percentile. Notably, the highest and lowest median tax bills both occur in the 55810 zip code, with a median tax bill of $3,487.
Average Proctor Assessed Value
$251,100
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 Proctor, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55810 | $215,420 | $228,800 | $251,100 | $273,400 | $286,780 |
Source: Ownwell
Property Tax Bills Across Proctor, Minnesota
In Proctor, located in St. Louis County, MN, property tax bills are calculated based on several key factors. The primary determinant is the assessed value of the property, which is derived from its market value. For instance, with a median home price of $251,100, the assessed value forms the foundation of the tax bill calculation. The local tax rate, which is applied to this assessed value, further determines the final amount owed by homeowners. Various factors influence the assessed value, including the property's location, size, and condition. In Proctor, the tax bills can vary significantly, with the 25th percentile at $3,012 and the 75th percentile at $3,962. At the 90th percentile, tax bills can reach up to $4,248. These figures indicate a range that can impact homeowners differently based on their property's assessed value. The median property tax rate in Proctor is higher than the national median of 0.99%, reflecting the specific economic and policy environment of the region. Homeowners must consider these factors when budgeting for their annual property tax obligations.
Average Proctor Tax Bill
$3,487
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 Proctor, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55810 | $2,726 | $3,012 | $3,487 | $3,962 | $4,248 |
Source: Ownwell