Pelican Rapids, Minnesota Property Taxes
The median property tax rate in Pelican Rapids, MN is 0.64%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Pelican Rapids at $311,400, the typical annual property tax bill is $1,926, which is below the national median of $2,690. Property taxes in Pelican Rapids are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Pelican Rapids' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Pelican Rapids or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pelican Rapids, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Pelican Rapids Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Pelican Rapids with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Pelican Rapids to provide an accurate estimate of your property tax bill. This valuable tool helps you gauge potential tax liabilities with ease. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value is determined by Becker County for tax purposes, incorporating any applicable exemptions.
Property Tax Rates Across Pelican Rapids, Minnesota
Property taxes in Pelican Rapids, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pelican Rapids is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Pelican Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pelican Rapids 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 Pelican Rapids' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56572 zip code has both the highest and lowest median property tax rate of 0.64%. Understanding how these cities compare with Pelican Rapids 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 Pelican Rapids Tax Rate
0.64%
Average Becker County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pelican Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56572 | 0.59% | 0.62% | 0.64% | 0.67% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Pelican Rapids, Minnesota
In Pelican Rapids, 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 Pelican Rapids, 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. 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 Pelican Rapids helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the 56572 zip code both stand at $1,926.
Property Tax Assessment Values Across Pelican Rapids, Minnesota
Source: Ownwell
$27,000
$204,550
$382,100
Average Pelican Rapids Assessed Value
$311,400
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 Pelican Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56572 | $74,400 | $158,550 | $311,400 | $509,250 | $743,920 |
Source: Ownwell
Property Tax Bills Across Pelican Rapids, Minnesota
In Pelican Rapids, Becker County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the tax bill. Homeowners in Pelican Rapids experience a range of property tax bills, with the 25th percentile at $1,177 and the 75th percentile at $3,157. The 90th percentile reaches up to $5,264, indicating a significant variation depending on property value and other factors such as location and property type. The median property tax bill in Pelican Rapids is $1,926, which is lower than the national median property tax rate of 0.99%. This relatively lower tax burden can be beneficial for homeowners, making it an attractive location for property investment. Factors like property improvements, market conditions, and local government budgets also play a role in determining the final tax bill, impacting how much homeowners ultimately pay each year.
Average Pelican Rapids Tax Bill
$1,926
Average Becker County Tax Bill
$1,854
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Pelican Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56572 | $500 | $1,177 | $1,926 | $3,157 | $5,264 |
Source: Ownwell