Oak Island, Minnesota Property Taxes
The median property tax rate in Oak Island, MN is 0.71%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $190,350 in Oak Island, the typical annual property tax bill amounts to $1,253, falling well below the national median of $2,690. Property taxes in Oak Island are determined based on the tax assessed value, which often is less than the market value due to various exemptions, such as primary residence and agricultural exemptions. Navigating Oak Island's property tax system, exploring potential exemptions, and seeking opportunities for reductions can result in substantial annual savings. Whether you reside in the heart of Oak Island or another part of the city, gaining a thorough understanding of the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Oak Island, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,351
Ownwell’s Oak Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Island 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 Oak Island, Minnesota
Property taxes in Oak Island, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Island is 0.71%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Oak Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Island 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 Oak Island's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56741 has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Oak Island provides valuable insights into the varying tax landscape across Lake of the Woods County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Island Tax Rate
0.71%
Average Lake Of The Woods County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Island, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56741 | 0.58% | 0.63% | 0.71% | 0.80% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Oak Island, Minnesota
In Oak Island, 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 Lake of the Woods 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 Oak Island, 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, the tax bill at the 25th percentile is $646, while at the 75th percentile, it is $2,224. The highest and lowest median tax bills are both $1,253 in the 56741 zip code. 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 Oak Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oak Island Assessed Value
$190,350
Average Lake Of The Woods County Assessed Value
$104,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Island, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56741 | $38,680 | $101,000 | $190,350 | $287,725 | $387,210 |
Source: Ownwell
Property Tax Bills Across Oak Island, Minnesota
In Oak Island, located in Lake of the Woods County, MN, property tax bills are determined based on the assessed value of a home. The assessed value is an estimate of the property's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $190,350, homeowners can expect varying tax bills. Factors such as property size, location, and improvements can influence the assessed value. The tax bill can range significantly, with the 25th percentile at $646 and the 75th percentile at $2,224. The 90th percentile tax bill can reach up to $2,875, indicating a wide range of property values and corresponding taxes in the area. Compared to the national median property tax rate of 0.99%, the tax rates in Oak Island reflect the local economic conditions and public service funding needs. Homeowners should be aware of these factors as they directly impact their annual expenses and the overall cost of owning property in this region.
Average Oak Island Tax Bill
$1,253
Average Lake Of The Woods County Tax Bill
$794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Island, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56741 | $303 | $646 | $1,253 | $2,224 | $2,875 |
Source: Ownwell