Kerrick, Minnesota Property Taxes
The median property tax rate in Kerrick, MN is 0.96%, slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $155,000 in Kerrick, the typical annual property tax bill is $1,510, which is lower than the national median of $2,690. Property taxes in Kerrick are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Kerrick'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 Kerrick or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kerrick, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,488
Ownwell’s Kerrick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kerrick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kerrick 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 Kerrick, Minnesota
Property taxes in Kerrick, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kerrick is 0.96%, which is lower than the Minnesota state median of 1.05% but slightly below the U.S. national median of 0.99%. Local government entities within Kerrick set these rates annually, and they can vary across different neighborhoods. Each year, Kerrick 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. Understanding how these cities compare with Kerrick provides valuable insights into the varying tax landscape across Carlton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kerrick Tax Rate
0.96%
Average Carlton County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kerrick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55756 | 0.83% | 0.93% | 0.96% | 1.02% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Kerrick, Minnesota
In Kerrick, 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 Carlton 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 Kerrick, 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. For instance, in the zip code 55756, the median tax bill is $1,510, reflecting the highest and lowest median tax bills in the area. 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 Kerrick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kerrick Assessed Value
$155,000
Average Carlton County Assessed Value
$213,450
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kerrick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55756 | $87,400 | $111,650 | $155,000 | $216,600 | $234,200 |
Source: Ownwell
Property Tax Bills Across Kerrick, Minnesota
In Kerrick, located in Carlton County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. In Kerrick, the median home price is $155,000, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $1,072, while at the 75th percentile, it rises to $1,770. At the 90th percentile, homeowners could see tax bills as high as $2,252. These property tax bills impact homeowners by affecting their overall housing costs. Compared to the national median property tax rate of 0.99%, the rates in Kerrick reflect the local economic conditions and funding needs for public services.
Average Kerrick Tax Bill
$1,510
Average Carlton County Tax Bill
$2,610
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kerrick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55756 | $826 | $1,072 | $1,510 | $1,770 | $2,252 |
Source: Ownwell