Foxhome, Wilkin County, Minnesota Property Taxes
Median Foxhome, MN effective property tax rate: 0.82%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Foxhome, MN home value: $84,000
Median annual Foxhome, MN tax bill: $648, $1,752 lower than the national median property tax bill of $2,400.
How are property taxes in Wilkin County calculated?
Property taxes in Foxhome, 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 Foxhome’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Foxhome, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Foxhome, Wilkin County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.82%
Estimate Property Tax Bill
$689
$639
Property Tax Rates Across Foxhome, Wilkin 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. Below, you can compare Foxhome’s effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S.
Located in Wilkin County, Foxhome has a median property tax rate of 0.82%, which is below the national median of 1.02%. This makes it a more affordable option for property owners compared to many other regions in the country. In fact, the highest and lowest median tax rates in Foxhome are the same, which reflects a consistency in tax rates within this area. When considering property investments or homeownership in Minnesota, understanding these tax implications can provide significant financial benefits. By appealing or seeking exemptions, property owners in Foxhome have the potential to further reduce their tax burden, making it an attractive option for those looking to optimize their property expenses.
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 Foxhome Tax Rate
0.82%
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 Wilkin County Tax Rate
0.90%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Foxhome, Wilkin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56543 | 0.34% | 0.72% | 0.82% | 0.95% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Foxhome, Wilkin County, Minnesota
When examining property taxes in Foxhome, Minnesota, 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 Wilkin 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 Wilkin 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 Foxhome.
For example, the median home price in Foxhome is $84,000, with tax bills ranging significantly across the county. Zip code 56543 has the highest median home price at $84,000.
Property Tax Assessment Values Across Foxhome, Wilkin County, Minnesota
Source: Ownwell
$70,300
$193,175
$316,050
Median Foxhome Market Value
$84,000
Median Wilkin County Market Value
$164,600
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Foxhome, Wilkin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56543 | $10,720 | $25,900 | $84,000 | $265,800 | $663,740 |
Source: Ownwell
Property Tax Bills Across Foxhome, Wilkin County, Minnesota
Median Foxhome Tax Bill
$648
Median Wilkin County Tax Bill
$1,424
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Foxhome, Wilkin County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56543 | $110 | $270 | $648 | $2,070 | $3,286 |
Source: Ownwell