Rock Creek, Minnesota Property Taxes
The median property tax rate in Rock Creek, MN is 0.58%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Rock Creek at $82,300, the typical annual property tax bill reaches $478, significantly below the national median of $2,690. Property taxes in Rock Creek 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 Rock Creek'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 Rock Creek 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
Rock Creek, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$477
Ownwell’s Rock Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rock Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rock Creek 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 Rock Creek, Minnesota
Property taxes in Rock Creek, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rock Creek is 0.58%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Rock Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rock Creek 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 Rock Creek's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55067 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Rock Creek provides valuable insights into the varying tax landscape across Pine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rock Creek Tax Rate
0.58%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rock Creek, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55067 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Rock Creek, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Rock Creek, 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 Pine 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. Assessment notices in Rock Creek 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 Rock Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Rock Creek are both $478, with the zip code 55067 having this consistent tax bill.
Average Rock Creek Assessed Value
$82,300
Average Pine County Assessed Value
$174,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rock Creek, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55067 | $82,300 | $82,300 | $82,300 | $82,300 | $82,300 |
Source: Ownwell
Property Tax Bills Across Rock Creek, Minnesota
In Rock Creek, Pine County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $82,300, homeowners in Rock Creek can expect a median tax bill of $478. This figure is consistent across various percentiles, indicating a uniform tax rate application in the area. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Rock Creek's tax rate results in relatively modest tax bills, providing some financial relief to homeowners. Understanding these components helps homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average Rock Creek Tax Bill
$478
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Rock Creek, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55067 | $478 | $478 | $478 | $478 | $478 |
Source: Ownwell