Oak Park, Minnesota Property Taxes
The median property tax rate in Oak Park, MN is 0.66%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $282,900 in Oak Park, the typical annual property tax bill amounts to $1,510, well below the national median of $2,690. Property taxes in Oak Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Oak Park's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Oak Park or another part of Benton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oak Park, 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 Oak Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Park 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Oak Park, Minnesota
Property taxes in Oak Park, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Park is 0.66%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Oak Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Park 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 Oak Park's effective property tax rate to other areas in Benton County and the national median. For comparison, the zip code 56357 has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Oak Park provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Park Tax Rate
0.66%
Average Benton County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56357 | 0.30% | 0.47% | 0.66% | 0.79% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Oak Park, Minnesota
In Oak Park, 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 Benton 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 Oak Park, 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 Oak Park is $282,900, with tax bills varying significantly. For example, the 25th percentile tax bill is $832, while the 75th percentile tax bill is $2,534. The highest and lowest median tax bill in the area is $1,510, found in zip code 56357. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oak Park Assessed Value
$282,900
Average Benton County Assessed Value
$250,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56357 | $56,620 | $150,700 | $282,900 | $413,700 | $545,140 |
Source: Ownwell
Property Tax Bills Across Oak Park, Minnesota
In Oak Park, Benton County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $282,900, homeowners can expect varying tax bills. The 25th percentile tax bill is $832, while the 75th percentile reaches $2,534, and the 90th percentile can go as high as $3,432. These variations are influenced by factors such as property location, improvements, and exemptions, which can either increase or decrease the tax liability. Compared to the national median property tax rate of 0.99%, Oak Park's tax bills reflect the specifics of local governance and community funding needs. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Oak Park Tax Bill
$1,510
Average Benton County Tax Bill
$2,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56357 | $248 | $832 | $1,510 | $2,534 | $3,432 |
Source: Ownwell