Floodwood, Itasca County, Minnesota Property Taxes

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

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

Property Assessed Value

$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.

Property Tax Rates Across Floodwood, 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 Floodwood Tax Rate

0.87%

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

In Floodwood, located in Itasca County, MN, property tax bills are calculated based on the assessed value of a home, which in this area has a median home price of $68,100. The tax rate applied to this assessed value determines the final tax bill. In Floodwood, the median property tax bill is $530, which is significantly lower than the national median property tax bill of $2,400. Factors such as the home's location, size, and any improvements made can influence the assessed value, and consequently, the tax bill. For homeowners, this means that understanding how these factors affect their property's assessed value is crucial in managing their tax obligations. Ownwell offers valuable assistance by helping homeowners appeal their property tax assessments and secure exemptions, potentially reducing their tax burden. By leveraging expert knowledge and experience, Ownwell can guide homeowners through the complexities of property tax assessments, ensuring they pay only what is necessary and helping them achieve significant savings on their property tax bills.

Property Tax Bills Across Floodwood, Itasca County, Minnesota

Source: Ownwell

$530

$1,327

$2,124

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