Dumont, Minnesota Property Taxes
The median property tax rate in Dumont, MN is 1.74%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Dumont at $39,200, the typical annual property tax bill reaches $585, exceeding the national median of $2,690. Property taxes in Dumont 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 Dumont'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 Dumont 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
Dumont, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Dumont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dumont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dumont 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 Dumont, Minnesota
Property taxes in Dumont, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dumont is 1.74%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Dumont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dumont 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 Dumont's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56236 zip code has the highest median property tax rate of 1.74%, while the same zip code also holds the lowest median tax rate of 1.74%. Understanding how these cities compare with Dumont provides valuable insights into the varying tax landscape across Traverse County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dumont Tax Rate
1.74%
Average Traverse County Tax Rate
1.63%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dumont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56236 | 0.66% | 0.80% | 1.74% | 2.43% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Dumont, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Dumont, Minnesota. 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 Traverse 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. 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. In Dumont, the median home price is $39,200, with tax bills ranging from $242 at the 25th percentile to $1,652 at the 90th percentile. The zip code 56236 has both the highest and lowest median tax bill at $585. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dumont Assessed Value
$39,200
Average Traverse County Assessed Value
$55,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dumont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56236 | $1,700 | $11,600 | $39,200 | $91,800 | $182,200 |
Source: Ownwell
Property Tax Bills Across Dumont, Minnesota
In Dumont, located in Traverse County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Dumont is $39,200, which serves as a starting point for determining the property tax bill. The local tax rate is applied to this assessed value to calculate the annual tax obligation. For instance, homeowners in Dumont can expect a tax bill ranging from $242 at the 25th percentile to $990 at the 75th percentile, with the 90th percentile reaching up to $1,652. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Dumont’s rates are relatively modest, which can be beneficial for homeowners looking to manage their annual expenses. Understanding these factors and how they interplay is crucial for homeowners to anticipate and plan for their property tax bills effectively.
Average Dumont Tax Bill
$585
Average Traverse County Tax Bill
$718
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Dumont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56236 | $36 | $242 | $585 | $990 | $1,652 |
Source: Ownwell