Elk River, Minnesota Property Taxes
The median property tax rate in Elk River, MN is 1.05%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Elk River at $398,100, the typical annual property tax bill reaches $4,112, significantly exceeding the national median of $2,690. Property taxes in Elk River are calculated based on the tax assessed value, which often 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 substantial 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
1.05%
Estimate Property Tax Bill
$4,180
Ownwell’s Elk River Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Elk River with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Elk River to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
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 1.05%, 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 the highest median property tax rate of 1.05%, while the 55330 zip code has the lowest median tax rate of 1.05%. Understanding how these cities compare with Elk River provides valuable insights into the varying tax landscape across Wright County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk River Tax Rate
1.05%
Average Wright County Tax Rate
1.04%
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 | 0.91% | 1.02% | 1.05% | 1.07% | 1.11% |
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 Wright 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. The zip code with the highest and lowest median tax bill is 55330, with a median tax bill of $4,112.
Average Elk River Assessed Value
$398,100
Average Wright County Assessed Value
$352,100
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 | $200,900 | $294,200 | $398,100 | $483,200 | $555,980 |
Source: Ownwell
Property Tax Bills Across Elk River, Minnesota
In Elk River, located in Wright County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Elk River is $398,100, which serves as a benchmark for determining property taxes. Homeowners can expect their tax bills to fluctuate within a range, influenced by factors such as property size, location, and market conditions. For instance, the tax bill at the 25th percentile is approximately $2,950, while at the 75th percentile, it reaches around $5,035. The highest median tax bill in the area is $4,112, and interestingly, the lowest median tax bill is also $4,112, both found in the same zip code, 55330. This suggests a relatively uniform tax structure within the city. Compared to the national median property tax rate of 0.99%, Elk River's tax bills highlight how local factors can significantly impact what homeowners pay. These tax obligations are crucial for funding essential public services, affecting the overall cost of homeownership in the region.
Average Elk River Tax Bill
$4,112
Average Wright County Tax Bill
$3,554
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 | $1,985 | $2,950 | $4,112 | $5,035 | $5,741 |
Source: Ownwell