Fergus Falls, Minnesota Property Taxes
The median property tax rate in Fergus Falls, MN is 1.05%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $171,600 in Fergus Falls, the typical annual property tax bill reaches $1,708, which is below the national median of $2,690. Property taxes in Fergus Falls 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 Fergus Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fergus Falls 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
Fergus Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,802
Ownwell’s Fergus Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fergus Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fergus Falls 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 Fergus Falls, Minnesota
Property taxes in Fergus Falls, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fergus Falls is 1.05%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Fergus Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fergus Falls 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 Fergus Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56537 zip code has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Fergus Falls 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 Fergus Falls Tax Rate
1.05%
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 Fergus Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56537 | 0.70% | 0.77% | 1.05% | 1.18% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Fergus Falls, Minnesota
In Fergus Falls, 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 Fergus Falls, 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 Fergus Falls is $171,600, with tax bills ranging from $1,074 at the 25th percentile to $3,688 at the 90th percentile. The highest and lowest median tax bills are both $1,708 in the 56537 zip code. 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 Fergus Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Fergus Falls, Minnesota
Source: Ownwell
$143,950
$274,175
$404,400
Average Fergus Falls Assessed Value
$171,600
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 Fergus Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56537 | $29,200 | $105,000 | $171,600 | $277,600 | $408,800 |
Source: Ownwell
Property Tax Bills Across Fergus Falls, Minnesota
In Fergus Falls, located in Otter Tail County, MN, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. The median home price in Fergus Falls is $171,600, with property tax bills varying significantly across different percentiles. For instance, homeowners in the 25th percentile can expect a tax bill around $1,074, while those in the 75th percentile might see bills as high as $2,606. The 90th percentile experiences even higher tax bills, averaging $3,688. Compared to the national median property tax rate of 0.99%, Fergus Falls presents a unique landscape for homeowners. The highest and lowest median tax bills in the city are both recorded at $1,708 within the 56537 zip code, reflecting some consistency in tax assessments. These property taxes contribute to essential local services, impacting the overall cost of homeownership in the area.
Average Fergus Falls Tax Bill
$1,708
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 Fergus Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56537 | $358 | $1,074 | $1,708 | $2,606 | $3,688 |
Source: Ownwell