Long Prairie, Minnesota Property Taxes
The median property tax rate in Long Prairie, MN is 0.86%, lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $193,400 in Long Prairie, the typical annual property tax bill is $1,540, which is below the national median of $2,690. Property taxes in Long Prairie are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Long 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 Long 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
Long Prairie, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,663
Ownwell’s Long Prairie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Long Prairie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Long 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 Todd County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Long Prairie, Minnesota
Property taxes in Long 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 Long Prairie is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Long Prairie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Long 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 Long Prairie's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 56347 zip code has both the highest and lowest median property tax rate of 0.86%. Understanding how these areas compare with Long Prairie provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Long Prairie Tax Rate
0.86%
Average Todd County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Long Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56347 | 0.41% | 0.70% | 0.86% | 1.02% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Long Prairie, Minnesota
In Long 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 Todd 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 Long 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. The median home price in Long Prairie is $193,400, with tax bills varying significantly. The 25th percentile tax bill is $892, while the 75th percentile reaches $2,252, and the 90th percentile goes up to $3,095. The zip code with the highest and lowest median tax bill is 56347, both at $1,540. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Long Prairie Assessed Value
$193,400
Average Todd County Assessed Value
$198,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Long Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56347 | $41,220 | $106,950 | $193,400 | $298,400 | $431,580 |
Source: Ownwell
Property Tax Bills Across Long Prairie, Minnesota
In Long Prairie, Todd County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Long Prairie is $193,400, and the property tax rate is applied to this assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile pay around $892, while those in the 75th percentile face tax bills of about $2,252. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These factors ensure that the tax burden is distributed fairly among homeowners. The highest and lowest median tax bills in Long Prairie both stand at $1,540, which is significantly lower than the national median property tax rate of 0.99%. This relatively lower tax rate can make Long Prairie an attractive place for homeowners, offering them a more affordable cost of living while still contributing to essential community services.
Average Long Prairie Tax Bill
$1,540
Average Todd County Tax Bill
$1,544
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Long Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56347 | $342 | $892 | $1,540 | $2,252 | $3,095 |
Source: Ownwell