Erhard, Minnesota Property Taxes
The median property tax rate in Erhard, MN is 0.69%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Erhard at $215,700, the typical annual property tax bill reaches $1,395, which is well below the national median of $2,690. Property taxes in Erhard are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Erhard'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 Erhard or another part of Otter Tail County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Erhard, 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 Erhard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Erhard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Erhard 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 Erhard, Minnesota
Property taxes in Erhard, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Erhard is 0.69%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Erhard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Erhard 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 Erhard's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56534 has both the highest and lowest median property tax rate of 0.69%, which is the same as Erhard's rate. Understanding how these cities compare with Erhard provides valuable insights into the varying tax landscape across Otter Tail County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Erhard Tax Rate
0.69%
Average Otter Tail County Tax Rate
0.74%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Erhard, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56534 | 0.43% | 0.63% | 0.69% | 0.76% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Erhard, Minnesota
In Erhard, 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 Otter Tail 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 Erhard, 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 Erhard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56534 in Erhard has the highest and lowest median tax bill, both at $1,395.
Average Erhard Assessed Value
$215,700
Average Otter Tail County Assessed Value
$204,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Erhard, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56534 | $44,600 | $110,250 | $215,700 | $339,050 | $464,800 |
Source: Ownwell
Property Tax Bills Across Erhard, Minnesota
In Erhard, located in Otter Tail County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The median home price in Erhard is $215,700. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate. For instance, homeowners in the 25th percentile can expect to pay around $724 annually, while those in the 75th percentile may see bills closer to $2,152. At the 90th percentile, tax bills can reach up to $2,950. Various factors influence these calculations, such as property size, location, and any improvements made. Higher-valued properties typically incur higher tax bills. Compared to the national median property tax rate of 0.99%, Erhard's tax rates can vary but generally align with the broader trends observed in Minnesota. For homeowners, understanding these factors is crucial as they directly impact annual financial planning and the long-term affordability of owning property in the area.
Average Erhard Tax Bill
$1,395
Average Otter Tail County Tax Bill
$1,674
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Erhard, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56534 | $326 | $724 | $1,395 | $2,152 | $2,950 |
Source: Ownwell