Thief River Falls, Pennington County, Minnesota Property Taxes
Median THIEF RIVER FALLS, MN effective property tax rate: 1.25%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median THIEF RIVER FALLS, MN home value: $154,000
Median annual THIEF RIVER FALLS, MN tax bill: $1,789, $611 lower than the national median property tax bill of $2,400.
How are property taxes in Pennington calculated?
Property taxes in THIEF RIVER FALLS, 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 THIEF RIVER FALLS’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in THIEF RIVER FALLS, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Thief River Falls, Pennington County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.25%
Estimate Property Tax Bill
$1,925
$1,786
Property Tax Rates Across Thief River Falls, Pennington County, Minnesota
Local government entities are responsible for setting tax rates, which can vary significantly within a state. This is because each county, including Pennington County, estimates its required budget annually to provide services. This budget is then divided by the total value of all taxable property within the county's jurisdiction, resulting in the property tax rate. While votes and laws play a role in determining tax rates and budgets, this is essentially how the process unfolds each year.
In Thief River Falls, located in Pennington County, the effective property tax rate is a reflection of this process. The rate here can be compared to other cities within Minnesota and the national median. With Minnesota's median property tax rate at 1.25%, it stands above the national median of 1.02%. This comparison highlights how property tax rates in Thief River Falls align with broader state trends, offering insight into how local tax policies are shaped.
Property Tax Rates Across Thief River Falls, Pennington County, Minnesota
Source: Ownwell
0.50%
0.87%
1.25%
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 Thief River Falls Tax Rate
1.25%
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 Pennington County Tax Rate
1.13%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Thief River Falls, Pennington County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56701 | 0.49% | 0.98% | 1.25% | 1.50% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Thief River Falls, Pennington County, Minnesota
When examining property taxes in Thief River Falls, 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 Pennington County Appraisal District 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 Pennington 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 Thief River Falls. For example, the median home price in Thief River Falls is $154,000, with tax bills ranging significantly across the county. ZIP code 56701 has the highest median home price at $154,000.
Property Tax Assessment Values Across Thief River Falls, Pennington County, Minnesota
Source: Ownwell
$142,200
$217,650
$293,100
Median Thief River Falls Market Value
$154,000
Median Pennington County Market Value
$156,700
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Thief River Falls, Pennington County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56701 | $14,600 | $81,400 | $154,000 | $231,600 | $318,520 |
Source: Ownwell
Property Tax Bills Across Thief River Falls, Pennington County, Minnesota
Property Tax Bills Across Thief River Falls, Pennington County, Minnesota
Source: Ownwell
$880
$1,335
$1,789
Median Thief River Falls Tax Bill
$1,789
Median Pennington County Tax Bill
$1,610
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Thief River Falls, Pennington County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56701 | $168 | $772 | $1,789 | $2,706 | $3,696 |
Source: Ownwell