Two Harbors, Minnesota Property Taxes
The median property tax rate in Two Harbors, MN is 0.90%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $169,200 in Two Harbors, the typical annual property tax bill amounts to $1,411, significantly below the national median of $2,690. Property taxes in Two Harbors are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding the property tax system in Two Harbors, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Two Harbors or another part of the city, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Two Harbors, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,523
Ownwell’s Two Harbors Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Two Harbors with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Two Harbors 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 Two Harbors, Minnesota
Property taxes in Two Harbors, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Two Harbors is 0.90%, slightly lower than the U.S. national median of 0.99%. Local government entities within Two Harbors set these rates annually, and they can vary significantly across different neighborhoods. Each year, Two Harbors 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 Two Harbors' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55616 has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Two Harbors 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 Two Harbors Tax Rate
0.90%
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 Two Harbors, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55616 | 0.69% | 0.79% | 0.90% | 1.06% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Two Harbors, Minnesota
In Two Harbors, 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's Office 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. Assessment notices in Two Harbors 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 Two Harbors helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill in Two Harbors is 55616, with a median tax bill of $1,411.
Average Two Harbors Assessed Value
$169,200
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 Two Harbors, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55616 | $26,740 | $79,600 | $169,200 | $252,100 | $357,580 |
Source: Ownwell
Property Tax Bills Across Two Harbors, Minnesota
In Two Harbors, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $169,200. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $716 and the 75th percentile reaching $2,280. For those in the 90th percentile, tax bills can be as high as $3,273. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, neighborhood developments, and changes in the local economy can influence the assessed value. Additionally, local government budgets and school district funding needs play a crucial role in setting the tax rate. For homeowners, understanding these factors is vital as property taxes can impact annual budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, the tax scenario in Two Harbors reflects a range of financial responsibilities for its residents.
Average Two Harbors Tax Bill
$1,411
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 Two Harbors, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55616 | $225 | $716 | $1,411 | $2,280 | $3,273 |
Source: Ownwell