Correll, Minnesota Property Taxes
The median property tax rate in Correll, MN is 0.92%, slightly below the national median of 0.99% and significantly lower than the Minnesota state median of 1.11%. With a median home value of $41,550, the typical annual property tax bill in Correll is $362, which is well below the national median of $2,690. Property taxes in Correll are determined based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Navigating Correll's property tax system, exploring available exemptions, and identifying potential reductions can result in considerable annual savings. Whether you're a homeowner or a real estate investor in Correll, understanding the local property tax system is crucial for maximizing your financial benefits.
Last Updated June 14, 2024
Correll, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Correll Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Correll with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Correll 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 Correll, Minnesota
Property taxes in Correll, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Correll is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Correll set these rates annually, and they can vary significantly across different neighborhoods. Each year, Correll 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 Correll's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56227 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Correll provides valuable insights into the varying tax landscape across Big Stone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Correll Tax Rate
0.92%
Average Big Stone County Tax Rate
1.13%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Correll, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56227 | 0.67% | 0.74% | 0.92% | 1.34% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Correll, Minnesota
In Correll, 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 Big Stone 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 Correll, 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. For example, the median home price in Correll is $41,550, with the 25th percentile tax bill at $151 and the 75th percentile tax bill at $744. The highest median tax bill recorded is $362 in zip code 56227, which also has the lowest median 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 Correll helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Correll Assessed Value
$41,550
Average Big Stone County Assessed Value
$88,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Correll, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56227 | $4,630 | $13,825 | $41,550 | $111,125 | $162,020 |
Source: Ownwell
Property Tax Bills Across Correll, Minnesota
In Correll, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Correll stands at $41,550. To determine the tax bill, the assessed value is multiplied by the local tax rate. Factors such as property size, location, and improvements can influence the assessed value, which in turn affects the final tax bill. For homeowners in Correll, the property tax burden varies significantly. The 25th percentile tax bill is $151, while the 75th percentile tax bill reaches $744. At the 90th percentile, homeowners can expect a tax bill of approximately $1,440. The median property tax bill in Correll is $362, which is considerably lower than the national median property tax rate of 0.99%. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Lower property taxes can make homeownership more affordable, but they may also reflect lower funding for local services.
Average Correll Tax Bill
$362
Average Big Stone County Tax Bill
$908
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Correll, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56227 | $75 | $151 | $362 | $744 | $1,440 |
Source: Ownwell