Frazee, Minnesota Property Taxes
The median property tax rate in Frazee, MN is 0.74%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Frazee at $311,000, the typical annual property tax bill reaches $2,250, which is below the national median of $2,690. Property taxes in Frazee are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Frazee'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 Frazee 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
Frazee, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$2,301
Ownwell’s Frazee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frazee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frazee 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 Frazee, Minnesota
Property taxes in Frazee, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frazee is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Frazee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frazee 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 Frazee's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56544 has both the highest and lowest median property tax rate of 0.74%, illustrating the uniformity of tax rates within Frazee. Understanding how these figures compare with Frazee 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 Frazee Tax Rate
0.74%
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 Frazee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56544 | 0.65% | 0.71% | 0.74% | 0.77% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Frazee, Minnesota
In Frazee, 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 Frazee, 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 Frazee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,250, found in the 56544 zip code.
Average Frazee Assessed Value
$311,000
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 Frazee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56544 | $36,560 | $148,350 | $311,000 | $471,850 | $641,940 |
Source: Ownwell
Property Tax Bills Across Frazee, Minnesota
In Frazee, located in Otter Tail 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 and is intended to reflect the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For example, with a median home price of $311,000, homeowners can expect varying tax bills depending on their property's specific valuation and applicable tax rates. In Frazee, the tax bill ranges significantly, with the 25th percentile at $1,028 and the 75th percentile at $3,472. At the 90th percentile, homeowners might pay as much as $4,933. The highest median tax bill recorded in the area is $2,250, which is also the lowest, reflecting a consistent rate within the zip code 56544. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners by contributing to the community's overall quality of life.
Average Frazee Tax Bill
$2,250
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 Frazee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56544 | $268 | $1,028 | $2,250 | $3,472 | $4,933 |
Source: Ownwell