Floodwood, Itasca County, Minnesota Property Taxes
Median Floodwood, MN effective property tax rate: 0.87%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Floodwood, MN home value: $68,100
Median annual Floodwood, MN tax bill: $530, $1,870 lower than the national median property tax bill of $2,400.
How are property taxes in Itasca calculated?
Property taxes in Floodwood, 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 Floodwood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Floodwood, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Floodwood, Itasca County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.87%
Estimate Property Tax Bill
$592
$550
Ownwell’s Floodwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Floodwood with just two data points.
By entering your property's estimated assessed value, our calculator applies Floodwood’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 Floodwood, Itasca County, Minnesota
Local government entities in Minnesota, like elsewhere, determine tax rates that can vary significantly across the state. Each year, counties like Itasca estimate their budgetary needs for public services and divide this by the total value of all taxable properties within their boundaries to establish the property tax rate. While votes and legislative measures play a role in this process, this annual calculation is the essence of how property tax rates are set.
In Floodwood, located in Itasca County, the effective property tax rate is 0.87%, which is below the national median of 1.02%. This positions Floodwood as an attractive option for property owners seeking lower tax rates. Comparatively, the median property tax rate in Minnesota aligns with Floodwood’s rate, providing consistency across the state. With the national median property tax bill at $2400, Floodwood offers an appealing alternative for those looking to manage their property tax expenses effectively.
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 Floodwood Tax Rate
0.87%
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 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 Floodwood, Itasca County, Minnesota
Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
55736 | 0.48% | 0.85% | 0.87% | 0.90% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Floodwood, Itasca County, Minnesota
When examining property taxes in Floodwood, 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 April. 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 Floodwood.
For example, the median home price in Floodwood is $68,100, with tax bills ranging significantly across the county. Zip code 55736 has the highest median home price at $68,100.
Property Tax Assessment Values Across Floodwood, Itasca County, Minnesota
Source: Ownwell

$63,650
$153,175
$242,700
Median Floodwood Market Value
$68,100
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 Floodwood, Itasca County, Minnesota
Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
55736 | $38,760 | $55,800 | $68,100 | $83,500 | $142,000 |
Source: Ownwell
Property Tax Bills Across Floodwood, Itasca County, Minnesota
Median Floodwood Tax Bill
$530
Median Itasca County Tax Bill
$1,502
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Floodwood, Itasca County, Minnesota
Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
55736 | $293 | $470 | $530 | $640 | $801 |
Source: Ownwell