Soudan, Minnesota Property Taxes
The median property tax rate in Soudan, MN is 0.81%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $66,400 in Soudan, the typical annual property tax bill amounts to $423, significantly below the national median of $2,690. Property taxes in Soudan are determined based on the tax assessed value, which is generally less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Soudan's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Soudan or another part of St. Louis County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Soudan, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$538
Ownwell’s Soudan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Soudan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Soudan 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 Soudan, Minnesota
Property taxes in Soudan, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Soudan is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Soudan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Soudan 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 Soudan's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55782 has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Soudan 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 Soudan Tax Rate
0.81%
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 Soudan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55782 | 0.44% | 0.51% | 0.81% | 1.32% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Soudan, Minnesota
In Soudan, 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 Soudan, 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. The median home price in Soudan is $66,400, with property tax bills ranging from $234 at the 25th percentile to $1,098 at the 90th percentile. The highest and lowest median tax bills are both $423 in the 55782 zip code. 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 Soudan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Soudan Assessed Value
$66,400
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 Soudan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55782 | $5,370 | $31,250 | $66,400 | $92,800 | $117,720 |
Source: Ownwell
Property Tax Bills Across Soudan, Minnesota
In Soudan, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The median home price in Soudan is $66,400. To determine the tax bill, the assessed value is multiplied by the local tax rate, which is influenced by factors such as local government budgets, school funding, and public services. For homeowners in Soudan, property tax bills can vary significantly. The 25th percentile tax bill is around $234, while the 75th percentile reaches up to $788. At the 90th percentile, homeowners might see tax bills as high as $1,098. The highest and lowest median tax bills in the area are both $423, indicating a relatively consistent assessment within the zip code 55782. Compared to the national median property tax rate of 0.99%, homeowners in Soudan may find their tax bills to be moderate, reflecting the local economic and governmental factors that influence property taxation. These taxes fund essential services, impacting the quality of life and property values in the community.
Average Soudan Tax Bill
$423
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 Soudan, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55782 | $95 | $234 | $423 | $788 | $1,098 |
Source: Ownwell