Emily, Minnesota Property Taxes
The median property tax rate in Emily, MN is 0.68%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Emily at $287,400, the typical annual property tax bill amounts to $1,762, which is below the national median of $2,690. Property taxes in Emily are calculated based on the assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Emily'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 Emily or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Emily, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,954
Ownwell’s Emily Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Emily with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Emily 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 Emily, Minnesota
Property taxes in Emily, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Emily is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Emily set these rates annually, and they can vary significantly across different neighborhoods. Each year, Emily 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 Emily's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56447 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Emily 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 Emily Tax Rate
0.68%
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 Emily, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56447 | 0.46% | 0.52% | 0.68% | 0.76% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Emily, Minnesota
In Emily, 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 Emily, 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 Emily helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Emily is $287,400, with tax bills ranging from $776 at the 25th percentile to $4,451 at the 90th percentile. The zip code 56447 has the highest and lowest median tax bill at $1,762.
Average Emily Assessed Value
$287,400
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 Emily, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56447 | $65,200 | $133,300 | $287,400 | $462,900 | $604,400 |
Source: Ownwell
Property Tax Bills Across Emily, Minnesota
In Emily, located in Crow Wing County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. For homeowners in Emily, the median home price is $287,400. The property tax rate in Emily significantly influences the tax bill, with the national median property tax rate being 0.99%. Homeowners here can expect their tax bills to vary widely. For instance, those in the 25th percentile might pay around $776 annually, while those in the 75th percentile could see bills as high as $3,207. At the 90th percentile, tax bills can reach up to $4,451. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding how these taxes are calculated can help homeowners better manage their finances and anticipate future expenses.
Average Emily Tax Bill
$1,762
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 Emily, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56447 | $388 | $776 | $1,762 | $3,207 | $4,451 |
Source: Ownwell