Menahga, Minnesota Property Taxes
The median property tax rate in Menahga, MN is 0.72%, which is notably 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 $264,300, the typical annual property tax bill amounts to $1,792, falling below the national median of $2,690. Property taxes in Menahga are determined based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural land. Gaining a thorough understanding of Menahga's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're residing in the heart of Menahga or another part of the city, familiarizing yourself with the local property tax system will be beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Menahga, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,903
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 0.72%, which is below 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 56464 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Menahga 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 Menahga Tax Rate
0.72%
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 Menahga, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56464 | 0.34% | 0.39% | 0.72% | 0.89% | 0.95% |
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 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 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 $264,300. The 25th percentile of tax bills is $1,152, while the 75th percentile is $2,346, and the 90th percentile reaches $2,705. The zip code 56464 has the highest and lowest median tax bill of $1,792.
Average Menahga Assessed Value
$264,300
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 Menahga, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56464 | $140,500 | $185,750 | $264,300 | $407,050 | $536,340 |
Source: Ownwell
Property Tax Bills Across Menahga, Minnesota
In Menahga, located in Otter Tail County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For instance, the median home price in Menahga is $264,300. Homeowners in the region can expect a tax bill ranging from $1,152 at the 25th percentile to $2,705 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,792, reflecting a consistent tax rate across different properties. Comparing this to the national median property tax rate of 0.99%, Menahga's property tax rates can significantly impact homeowners, making it essential for them to understand how their tax bills are calculated and what factors might influence any changes.
Average Menahga Tax Bill
$1,792
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 Menahga, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56464 | $812 | $1,152 | $1,792 | $2,346 | $2,705 |
Source: Ownwell