Pease, Minnesota Property Taxes
The median property tax rate in Pease, MN is 1.04%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Pease at $176,100, the typical annual property tax bill reaches $1,761, which is below the national median of $2,690. Property taxes in Pease are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Pease'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 Pease or another part of Mille Lacs County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pease, 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 Pease Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pease with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pease 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 Pease, Minnesota
Property taxes in Pease, Minnesota, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Pease is 1.04%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Pease set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pease 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 Pease's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56363 has both the highest and lowest median property tax rate of 1.04%. Understanding how these cities compare with Pease provides valuable insights into the varying tax landscape across Mille Lacs County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pease Tax Rate
1.04%
Average Mille Lacs County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pease, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56363 | 0.88% | 0.96% | 1.04% | 1.10% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Pease, Minnesota
In Pease, 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 Mille Lacs 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 Pease, 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 Pease helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56363 has the highest and lowest median tax bill at $1,761, highlighting the importance of understanding these valuations.
Average Pease Assessed Value
$176,100
Average Mille Lacs County Assessed Value
$240,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pease, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56363 | $116,740 | $142,850 | $176,100 | $226,400 | $237,990 |
Source: Ownwell
Property Tax Bills Across Pease, Minnesota
In Pease, located in Mille Lacs County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Pease is $176,100, and the tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the home's market value, exemptions, and improvements can influence the assessed value, subsequently affecting the tax bill. For homeowners in Pease, understanding their property tax bill is crucial. The 25th percentile tax bill stands at $1,361, while the 75th percentile reaches $2,212, and the 90th percentile can be as high as $2,624. These figures highlight the range of property taxes homeowners might expect to pay, depending on their property's assessed value and any applicable exemptions. Comparatively, the national median property tax rate is 0.99%, making Pease's tax bills relatively moderate. Homeowners must stay informed about their property's assessed value and any changes in local tax rates to manage their annual tax obligations effectively.
Average Pease Tax Bill
$1,761
Average Mille Lacs County Tax Bill
$2,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Pease, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56363 | $906 | $1,361 | $1,761 | $2,212 | $2,624 |
Source: Ownwell