Deerwood, Minnesota Property Taxes
The median property tax rate in Deerwood, MN is 0.52%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $346,300 in Deerwood, the typical annual property tax bill amounts to $1,862, which is also below the national median of $2,690. Property taxes in Deerwood are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Deerwood'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 Deerwood or another part of Crow Wing County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Deerwood, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$1,801
Ownwell’s Deerwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deerwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deerwood 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 Crow Wing County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Deerwood, Minnesota
Property taxes in Deerwood, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deerwood is 0.52%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Deerwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deerwood 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 Deerwood's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56444 has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Deerwood provides valuable insights into the varying tax landscape across Crow Wing County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deerwood Tax Rate
0.52%
Average Crow Wing County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deerwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56444 | 0.39% | 0.47% | 0.52% | 0.59% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Deerwood, Minnesota
In Deerwood, 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 Crow Wing 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 Deerwood, 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. Deerwood's median home price is $346,300, with property tax bills varying significantly. The 25th percentile tax bill is $822, while the 75th percentile reaches $3,212. The highest median tax bill in Deerwood is $1,862, and the lowest is also $1,862, both found in the 56444 zip code. 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 Deerwood Assessed Value
$346,300
Average Crow Wing County Assessed Value
$265,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deerwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56444 | $54,960 | $163,800 | $346,300 | $577,300 | $852,240 |
Source: Ownwell
Property Tax Bills Across Deerwood, Minnesota
In Deerwood, located in Crow Wing County, MN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local assessors who evaluate the property's market value. Homeowners in Deerwood can expect significant variability in their property tax bills, influenced by factors such as property size, location, and improvements. For instance, the median home price in Deerwood is $346,300. Property tax bills in this area can range widely, with the 25th percentile tax bill at $822 and the 75th percentile reaching $3,212. At the higher end, the 90th percentile tax bill is $5,018. These figures highlight the impact of the assessed property value on the tax amount owed. Compared to the national median property tax rate of 0.99%, Deerwood's property tax bills reflect the specific economic and market conditions of the region. Homeowners must consider these factors when budgeting for property expenses, as the assessed value directly influences their annual tax obligations.
Average Deerwood Tax Bill
$1,862
Average Crow Wing County Tax Bill
$1,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Deerwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56444 | $230 | $822 | $1,862 | $3,212 | $5,018 |
Source: Ownwell