Akeley, Minnesota Property Taxes
The median property tax rate in Akeley, MN is 0.78%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $193,000 in Akeley, the typical annual property tax bill is $1,488, significantly below the national median of $2,690. Property taxes in Akeley are calculated based on the tax assessed value, often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Akeley'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 Akeley or another part of Hubbard County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Akeley, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,505
Ownwell’s Akeley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Akeley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Akeley 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 Akeley, Minnesota
Property taxes in Akeley, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Akeley is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Akeley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Akeley 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 Akeley's effective property tax rate to other areas in Minnesota and the national median. For comparison, the highest and lowest median property tax rates in Hubbard County are both 0.78%, the same as Akeley's rate. Understanding how these cities compare with Akeley provides valuable insights into the varying tax landscape across Hubbard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Akeley Tax Rate
0.78%
Average Hubbard County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Akeley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56433 | 0.63% | 0.69% | 0.78% | 0.97% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Akeley, Minnesota
In Akeley, 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 Hubbard 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. Assessment notices in Akeley 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. The median home price in Akeley is $193,000, with tax bills ranging from $853 at the 25th percentile to $3,182 at the 90th percentile. The zip code 56433 has the highest and lowest median tax bill at $1,488. By understanding 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 Akeley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Akeley Assessed Value
$193,000
Average Hubbard County Assessed Value
$236,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Akeley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56433 | $47,220 | $99,900 | $193,000 | $301,700 | $417,040 |
Source: Ownwell
Property Tax Bills Across Akeley, Minnesota
In Akeley, located in Hubbard County, MN, property tax bills are calculated based on the assessed value of a home. The tax rate in this region is determined by local government authorities and is applied to the assessed value to calculate the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners in Akeley, the median home price is $193,000. Property tax bills can vary significantly, with the 25th percentile tax bill at $853 and the 75th percentile reaching $2,274. At the 90th percentile, the tax bill can be as high as $3,182. The highest and lowest median tax bills in the area are $1,488, which is relatively low compared to the national median property tax rate of 0.99%. This variation in tax bills affects homeowners differently, impacting their annual financial planning and overall cost of homeownership.
Average Akeley Tax Bill
$1,488
Average Hubbard County Tax Bill
$1,832
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Akeley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56433 | $416 | $853 | $1,488 | $2,274 | $3,182 |
Source: Ownwell