Okabena, Minnesota Property Taxes
The median property tax rate in Okabena, MN is 1.44%, significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $112,350 in Okabena, the typical annual property tax bill is $1,432, which is below the national median of $2,690. Property taxes in Okabena are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Okabena'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 Okabena or elsewhere in the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Okabena, 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 Okabena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okabena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okabena 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 Okabena, Minnesota
Property taxes in Okabena, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Okabena is 1.44%, notably higher than the U.S. national median of 0.99%. Local government entities within Okabena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okabena 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 Okabena's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest and lowest median property tax rates in the area are both 1.44% in the zip code 56161. Understanding how these cities compare with Okabena provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Okabena Tax Rate
1.44%
Average Jackson County Tax Rate
1.05%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okabena, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56161 | 0.56% | 0.90% | 1.44% | 1.65% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Okabena, Minnesota
In Okabena, 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 Jackson 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 Okabena, 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 Okabena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56161, standing at $1,432, which is notably lower than the national median property tax rate of 0.99%.
Average Okabena Assessed Value
$112,350
Average Jackson County Assessed Value
$145,950
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Okabena, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56161 | $22,460 | $62,550 | $112,350 | $203,925 | $745,370 |
Source: Ownwell
Property Tax Bills Across Okabena, Minnesota
In Okabena, Jackson County, MN, property tax bills are determined based on the assessed value of a home. The median home price in Okabena is $112,350, and the property tax rate is applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including local government budgets, school funding requirements, and public services. Homeowners in Okabena typically see tax bills ranging from $882 at the 25th percentile to $2,324 at the 75th percentile, with the 90th percentile reaching up to $3,695. Comparatively, the national median property tax rate is 0.99%, which means Okabena's tax bills can be higher than the national average, depending on the assessed value and specific local rates. This calculation affects homeowners significantly, as higher property taxes can impact affordability and the overall cost of homeownership. Understanding these factors helps homeowners plan better and potentially seek exemptions or appeals to manage their tax liabilities.
Average Okabena Tax Bill
$1,432
Average Jackson County Tax Bill
$1,463
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Okabena, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56161 | $352 | $882 | $1,432 | $2,324 | $3,695 |
Source: Ownwell