Merrifield, Minnesota Property Taxes
The median property tax rate in Merrifield, MN is 0.58%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Merrifield, the typical annual property tax bill reaches $1,774, significantly below the national median of $2,690. Property taxes in Merrifield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Merrifield'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 Merrifield 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
Merrifield, 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 Merrifield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merrifield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merrifield 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 Merrifield, Minnesota
Property taxes in Merrifield, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Merrifield is 0.58%, significantly lower than the U.S. national median of 0.99%. Local government entities within Merrifield set these rates annually, and they can vary across different neighborhoods. Each year, Merrifield 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 Merrifield's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56465 has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Merrifield 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 Merrifield Tax Rate
0.58%
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 Merrifield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56465 | 0.45% | 0.52% | 0.58% | 0.65% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Merrifield, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Merrifield, Minnesota. 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 Assessor 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 Merrifield, 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, zip code 56465 has the highest median tax bill at $1,774, which can be compared to the national median property tax rate of 0.99%. 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 Merrifield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Merrifield Assessed Value
$309,250
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 Merrifield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56465 | $31,550 | $121,850 | $309,250 | $581,375 | $877,180 |
Source: Ownwell
Property Tax Bills Across Merrifield, Minnesota
In Merrifield, located in Crow Wing County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Homeowners in Merrifield can expect a range of property tax bills depending on their home's assessed value. For instance, the tax bill at the 25th percentile is $618, while at the 75th percentile, it rises to $3,522. Those at the 90th percentile can see tax bills as high as $5,534. Several factors influence the tax bill, including property size, location, and any improvements made. These property taxes fund essential local services like schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Merrifield's rates can significantly impact homeowners' annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Merrifield Tax Bill
$1,774
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 Merrifield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56465 | $190 | $618 | $1,774 | $3,522 | $5,534 |
Source: Ownwell