Frazee, Minnesota Property Taxes
The median property tax rate in Frazee, MN is 0.77%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $208,250 in Frazee, the typical annual property tax bill amounts to $1,652, falling below the national median of $2,690. Property taxes in Frazee are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Frazee's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Frazee or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Frazee, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,604
Ownwell’s Frazee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frazee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frazee to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by Becker County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Frazee, Minnesota
Property taxes in Frazee, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frazee is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Frazee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frazee estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Frazee's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56544 has the highest median property tax rate of 0.77%, while the lowest median tax rate is also 0.77% in the same zip code. Understanding how these cities compare with Frazee provides valuable insights into the varying tax landscape across Becker County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frazee Tax Rate
0.77%
Average Becker County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frazee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56544 | 0.45% | 0.68% | 0.77% | 0.91% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Frazee, Minnesota
In Frazee, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Becker County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Frazee, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Frazee stands at $208,250, with tax bills ranging from $996 at the 25th percentile to $2,979 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Frazee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Frazee Assessed Value
$208,250
Average Becker County Assessed Value
$241,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frazee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56544 | $33,300 | $115,300 | $208,250 | $301,575 | $407,640 |
Source: Ownwell
Property Tax Bills Across Frazee, Minnesota
In Frazee, Becker County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The process begins with the county assessor determining the market value of your property, which is then multiplied by an assessment ratio to find its assessed value. This assessed value is then subjected to the local tax rate to calculate the annual tax bill. Several factors can influence this calculation, including property improvements, market trends, and neighborhood developments. For instance, in Frazee, the median home price is $208,250. Homeowners in the 25th percentile can expect a tax bill around $996, while those in the 75th percentile might see bills as high as $2,296. The highest median tax bill in the area is $1,652, which is significantly lower than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Frazee Tax Bill
$1,652
Average Becker County Tax Bill
$1,854
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Frazee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56544 | $362 | $996 | $1,652 | $2,296 | $2,979 |
Source: Ownwell