Perley, Minnesota Property Taxes
The median property tax rate in Perley, MN is 1.21%, notably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $66,000 in Perley, the typical annual property tax bill amounts to $696, which is still below the national median of $2,690. Property taxes in Perley are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Perley'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 Perley or another part of Norman County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Perley, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$799
Ownwell’s Perley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Perley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Perley 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 Perley, Minnesota
Property taxes in Perley, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Perley is 1.21%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Perley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Perley 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 Perley's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56574 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these areas compare with Perley provides valuable insights into the varying tax landscape across Norman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Perley Tax Rate
1.21%
Average Norman County Tax Rate
1.16%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Perley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56574 | 0.59% | 0.67% | 1.21% | 1.51% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Perley, Minnesota
In Perley, 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 Norman 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 Perley, 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 Perley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Perley is $66,000, with the highest and lowest median tax bills both at $696 in the 56574 zip code.
Average Perley Assessed Value
$66,000
Average Norman County Assessed Value
$94,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Perley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56574 | $3,200 | $20,525 | $66,000 | $147,875 | $217,290 |
Source: Ownwell
Property Tax Bills Across Perley, Minnesota
In Perley, Norman 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 annual property tax bill. For homeowners in Perley, the median home price is $66,000. Property tax bills can vary significantly, with the 25th percentile paying around $354 annually, while those in the 75th percentile see bills closer to $1,137. At the 90th percentile, homeowners might pay up to $1,556. The local tax rate in Perley is influenced by various factors, including funding requirements for public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, homeowners in Perley may experience different financial impacts based on their property's assessed value. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Perley Tax Bill
$696
Average Norman County Tax Bill
$979
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Perley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56574 | $49 | $354 | $696 | $1,137 | $1,556 |
Source: Ownwell