Parkers Prairie, Minnesota Property Taxes
The median property tax rate in Parkers Prairie, MN is 0.83%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Parkers Prairie, the typical annual property tax bill reaches $1,676, falling below the national median of $2,690. Property taxes in Parkers Prairie are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Parkers Prairie'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 Parkers Prairie 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
Parkers Prairie, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,376
Ownwell’s Parkers Prairie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parkers Prairie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parkers Prairie 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 Parkers Prairie, Minnesota
Property taxes in Parkers Prairie, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parkers Prairie is 0.83%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Parkers Prairie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parkers Prairie 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 Parkers Prairie's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56361 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Parkers Prairie 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 Parkers Prairie Tax Rate
0.83%
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 Parkers Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56361 | 0.44% | 0.71% | 0.83% | 1.45% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Parkers Prairie, Minnesota
In Parkers Prairie, 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 Parkers Prairie, 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 Parkers Prairie 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 $1676, found in the zip code 56361.
Property Tax Assessment Values Across Parkers Prairie, Minnesota
Source: Ownwell
$143,950
$274,175
$404,400
Average Parkers Prairie Assessed Value
$165,800
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 Parkers Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56361 | $47,880 | $98,400 | $165,800 | $284,900 | $446,600 |
Source: Ownwell
Property Tax Bills Across Parkers Prairie, Minnesota
In Parkers Prairie, Otter Tail County, MN, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. For example, with a median home price of $165,800, homeowners can expect a range of tax bills. The 25th percentile tax bill is $990, while the 75th percentile tax bill is $2,443, and the 90th percentile tax bill is $3,241. Several factors influence the tax bill, including property size, location, and any applicable exemptions. These taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the tax rates in Parkers Prairie can be seen as a reflection of the community's investment in maintaining and improving public services. Homeowners should be aware of these factors as they directly impact their annual financial commitments.
Average Parkers Prairie Tax Bill
$1,676
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 Parkers Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56361 | $400 | $990 | $1,676 | $2,443 | $3,241 |
Source: Ownwell