Bovey, Itasca County, Minnesota Property Taxes

Name: Property Tax Bills Across Bovey, Itasca County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Bovey, MN effective property tax rate: 0.88%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Bovey, MN home value: $173,750
Median annual Bovey, MN tax bill: $1,527, $873 lower than the national median property tax bill of $2,400.

How are property taxes in Itasca County calculated?

Property taxes in Bovey, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Bovey’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Bovey, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Bovey, Itasca County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.88%

Estimate Property Tax Bill

$1,529

$1,419

Ownwell’s Bovey Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bovey with just two data points. By entering your property's estimated assessed value, our calculator applies Bovey’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Itasca County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Bovey, Itasca County, Minnesota

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Bovey, located in Itasca County, Minnesota, has an effective property tax rate that aligns with the county's median of 0.88%. This rate is notably lower than the national median property tax rate of 1.02%. This means that property owners in Bovey generally enjoy a lighter tax burden compared to many other areas in the United States. The consistency in Itasca County’s rate reflects a stable approach to budgeting and tax assessment, which can be appealing to property owners. Comparing Bovey’s rate to other cities within Minnesota and across the nation highlights the relative affordability of property ownership in this region.

Property Tax Rates Across Bovey, Itasca County, Minnesota

Source: Ownwell

0.58%

1.01%

1.45%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Bovey Tax Rate

0.88%

Median Effective Itasca County Tax Rate

0.93%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Bovey, Itasca County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55709	0.56%	0.78%	0.88%	1.03%	1.34%

Source: Ownwell

Property Tax Assessment Values Across Bovey, Itasca County, Minnesota

When examining property taxes in Bovey, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Itasca County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. In Itasca County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Bovey. For example, the median home price in Bovey is $173,750, with tax bills ranging significantly across the county. ZIP code 55709 has the highest median home price at $173,750.

Property Tax Assessment Values Across Bovey, Itasca County, Minnesota

Source: Ownwell

$63,650

$153,175

$242,700

Median Bovey Market Value

$173,750

Median Itasca County Market Value

$169,300

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Bovey, Itasca County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55709	$49,890	$93,175	$173,750	$270,725	$385,000

Source: Ownwell

Property Tax Bills Across Bovey, Itasca County, Minnesota

In Bovey, located in Itasca County, MN, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The median home price in Bovey is $173,750, and the property tax rate in the region results in a median tax bill of $1,527. This figure is lower than the national median property tax bill of $2,400. Factors influencing the tax bill include the property's assessed value and any applicable exemptions or deductions. Homeowners in Bovey may find their tax bills range significantly, with the 25th percentile at $754 and the 90th percentile reaching $3,629. Such variations can impact homeowners' financial planning and affordability. Ownwell provides a valuable service by helping homeowners identify potential savings on their property tax bills. By analyzing the assessed value and ensuring accurate valuations, Ownwell assists in appealing assessments and securing exemptions, ultimately reducing the financial burden on homeowners.

Property Tax Bills Across Bovey, Itasca County, Minnesota

Source: Ownwell

$530

$1,327

$2,124

Median Bovey Tax Bill

$1,527

Median Itasca County Tax Bill

$1,502

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Bovey, Itasca County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55709	$356	$754	$1,527	$2,504	$3,629

Source: Ownwell