Bluffton, Minnesota Property Taxes
The median property tax rate in Bluffton, MN is 0.88%, 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 $166,000 in Bluffton, the typical annual property tax bill comes to $1,376, falling below the national median of $2,690. Property taxes in Bluffton are calculated based on the tax-assessed value, which is generally lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bluffton'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 Bluffton or another part of Otter Tail County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bluffton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,461
Ownwell’s Bluffton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bluffton with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Bluffton to project your property tax bill. This insightful tool provides a clear understanding of potential tax liabilities. If you're interested in observing trends at a more localized level, scroll down to discover detailed neighborhood information. Your property’s assessed value is determined by Otter Tail County for tax calculations and considers any applicable exemptions.
Property Tax Rates Across Bluffton, Minnesota
Property taxes in Bluffton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bluffton is 0.88%, which is below the U.S. national median of 0.99%. Local government entities within Bluffton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bluffton 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 Bluffton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56518 has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Bluffton provides valuable insights into the varying tax landscape across Otter Tail County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bluffton Tax Rate
0.88%
Average Otter Tail County Tax Rate
0.74%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bluffton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56518 | 0.33% | 0.57% | 0.88% | 1.07% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Bluffton, Minnesota
In Bluffton, 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 Otter Tail 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 Bluffton, 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. Bluffton homeowners should also note that the highest median tax bill is $1376 in zip code 56518. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bluffton Assessed Value
$166,000
Average Otter Tail County Assessed Value
$204,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bluffton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56518 | $43,560 | $93,500 | $166,000 | $293,700 | $523,540 |
Source: Ownwell
Property Tax Bills Across Bluffton, Minnesota
In Bluffton, Otter Tail County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This market value is then multiplied by the assessment ratio to get the assessed value. For Bluffton, the median home price is $166,000. The tax rate in Bluffton is applied to the assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile pay around $842, while those in the 75th percentile face tax bills of about $2,033. The 90th percentile sees even higher bills, reaching up to $2,680. These figures illustrate the range of property tax burdens homeowners might encounter. Compared to the national median property tax rate of 0.99%, Bluffton's tax bills can vary significantly, affecting homeowners differently based on their property's assessed value and the specific tax rates applied. This variability underscores the importance of understanding how local assessments and rates impact individual tax obligations.
Average Bluffton Tax Bill
$1,376
Average Otter Tail County Tax Bill
$1,674
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bluffton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56518 | $464 | $842 | $1,376 | $2,033 | $2,680 |
Source: Ownwell