Menahga, Minnesota Property Taxes
The median property tax rate in Menahga, MN is 0.36%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Menahga at $173,200, the typical annual property tax bill comes to $583, well below the national median of $2,690. Property taxes in Menahga 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 Menahga'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 Menahga 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
Menahga, 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 Menahga Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Menahga with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Menahga 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 Menahga, Minnesota
Property taxes in Menahga, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Menahga is 0.68%, lower than both the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Menahga set these rates annually, and they can vary significantly across different neighborhoods. Each year, Menahga 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 Menahga's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55124 zip code has the highest median property tax rate of 1.71%, while the 55055 zip code has the lowest median tax rate of 0.85%. Understanding how these cities compare with Menahga provides valuable insights into the varying tax landscape across Wadena County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Menahga Tax Rate
0.36%
Average Cass County Tax Rate
0.53%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Menahga, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56464 | 0.33% | 0.35% | 0.36% | 0.39% | 0.41% |
Source: Ownwell
Property Tax Assessment Values Across Menahga, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Menahga, Minnesota. 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 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 Menahga, 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 Menahga helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Menahga is $173,200, with tax bills ranging from $468 at the 25th percentile to $800 at the 90th percentile. The zip code 56464 has the highest and lowest median tax bill at $583.
Average Menahga Assessed Value
$173,200
Average Cass County Assessed Value
$248,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Menahga, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56464 | $56,250 | $127,175 | $173,200 | $180,800 | $223,250 |
Source: Ownwell
Property Tax Bills Across Menahga, Minnesota
In Menahga, 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 market value of the property. Several factors influence this value, including the home's size, age, location, and any improvements or renovations made. Once the assessed value is established, the local tax rate is applied to determine the annual property tax bill. In Menahga, the median home price is $173,200. Homeowners in this area can expect a tax bill ranging from $468 at the 25th percentile to $800 at the 90th percentile, with the 75th percentile at $658. This range reflects the variability in property values and tax rates within the region. Compared to the national median property tax rate of 0.99%, Menahga’s tax bills provide a relatively affordable option for homeowners. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Menahga Tax Bill
$583
Average Cass County Tax Bill
$1,350
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Menahga, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56464 | $197 | $468 | $583 | $658 | $800 |
Source: Ownwell