Elk River, Minnesota Property Taxes
The median property tax rate in Elk River, MN is 1.20%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Elk River at $373,300, the typical annual property tax bill reaches $4,458, exceeding the national median of $2,690. Property taxes in Elk River 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 Elk River'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 Elk River 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
Elk River, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$4,480
Ownwell’s Elk River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk River 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 Elk River, Minnesota
Property taxes in Elk River, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk River is 1.20%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Elk River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk River 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 Elk River's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55330 zip code has both the highest and lowest median property tax rate of 1.20%. Understanding how these cities compare with Elk River provides valuable insights into the varying tax landscape across Sherburne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk River Tax Rate
1.20%
Average Sherburne County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55330 | 1.04% | 1.12% | 1.20% | 1.28% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Elk River, Minnesota
In Elk River, 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 Sherburne 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 Elk River, 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 Elk River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in the 55330 zip code is $4,458, which can be a significant expense for homeowners.
Average Elk River Assessed Value
$373,300
Average Sherburne County Assessed Value
$345,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55330 | $235,260 | $299,200 | $373,300 | $461,800 | $535,500 |
Source: Ownwell
Property Tax Bills Across Elk River, Minnesota
In Elk River, Sherburne County, MN, property tax bills are determined by several key factors. The primary component is the assessed value of the property, which is based on the market value. For instance, with a median home price of $373,300, the assessed value forms the foundation of the tax calculation. Local tax rates, which vary by jurisdiction, are then applied to this assessed value. Homeowners in Elk River can expect their tax bills to range significantly. For example, at the 25th percentile, the tax bill is around $3,518, while at the 75th percentile, it rises to approximately $5,584. The top 10% of tax bills can reach up to $6,510. This variability highlights how different factors, such as property location within the city and specific local tax levies, influence the final amount. Comparatively, the median tax bill in Elk River is $4,458, which stands above the national median property tax rate of 0.99%. This higher rate can impact homeowners by increasing their annual financial obligations, making it crucial for property owners to understand their tax assessments and potential exemptions.
Average Elk River Tax Bill
$4,458
Average Sherburne County Tax Bill
$3,686
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55330 | $2,842 | $3,518 | $4,458 | $5,584 | $6,510 |
Source: Ownwell