Ottertail, Minnesota Property Taxes
The median property tax rate in Ottertail, 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 a median home value of $199,100 in Ottertail, the typical annual property tax bill amounts to $1,474, well below the national median of $2,690. Property taxes in Ottertail are based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Ottertail's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether residing in the heart of Ottertail or another part of the city, gaining insight into the local property tax framework is beneficial for all property owners.
Last Updated June 14, 2024
Ottertail, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,434
Ownwell’s Ottertail Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ottertail with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ottertail 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 Ottertail, Minnesota
Property taxes in Ottertail, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ottertail is 0.72%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Ottertail set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ottertail 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 Ottertail's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56571 zip code has the highest median property tax rate of 0.72%, while the same 56571 zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Ottertail 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 Ottertail 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 Ottertail, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56571 | 0.61% | 0.66% | 0.72% | 0.85% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Ottertail, Minnesota
In Ottertail, 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 local authorities 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 Ottertail, 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 Ottertail is $199,100, with tax bills ranging from $500 at the 25th percentile to $4,194 at the 90th percentile. The highest and lowest median tax bills, both at $1,474, are found in zip code 56571. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ottertail Assessed Value
$199,100
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 Ottertail, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56571 | $16,680 | $71,850 | $199,100 | $369,575 | $554,460 |
Source: Ownwell
Property Tax Bills Across Ottertail, Minnesota
In Ottertail, MN, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The local government assesses each property to determine its value, then applies the property tax rate to this assessed value. Homeowners in Ottertail can expect their tax bills to vary significantly based on their property's assessed value. For instance, the 25th percentile tax bill is around $500, while those in the 75th percentile face bills closer to $2,742. The highest tax bills in the area can reach up to $4,194, indicating a wide range in property values and corresponding tax obligations. These tax bills are crucial for homeowners as they impact annual financial planning and long-term housing affordability. Compared to the national median property tax rate of 0.99%, Ottertail's tax rates reflect the local economic conditions and public service needs. Understanding these factors helps homeowners anticipate their tax responsibilities and manage their budgets more effectively.
Average Ottertail Tax Bill
$1,474
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 Ottertail, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56571 | $136 | $500 | $1,474 | $2,742 | $4,194 |
Source: Ownwell