Elbow Lake, Minnesota Property Taxes
The median property tax rate in Elbow Lake, MN is 0.81%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Elbow Lake at $260,550, the typical annual property tax bill amounts to $2,128, falling below the national median of $2,690. Property taxes in Elbow Lake are calculated based on the tax assessed value, which often comes in below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Elbow Lake'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 Elbow Lake or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elbow Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$2,110
Ownwell’s ELBOW LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ELBOW LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELBOW LAKE 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 Elbow Lake, Minnesota
Property taxes in Elbow Lake, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elbow Lake is 0.81%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Elbow Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elbow Lake 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 Elbow Lake's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56531 has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Elbow Lake provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elbow Lake Tax Rate
0.81%
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 Elbow Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56531 | 0.79% | 0.80% | 0.81% | 0.83% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Elbow Lake, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elbow Lake, Minnesota. 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 Elbow Lake, 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 Elbow Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2128.00, found in zip code 56531.
Average Elbow Lake Assessed Value
$260,550
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 Elbow Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56531 | $245,470 | $251,125 | $260,550 | $269,975 | $275,630 |
Source: Ownwell
Property Tax Bills Across Elbow Lake, Minnesota
In Elbow Lake, located in Otter Tail County, MN, property tax bills are calculated based on the assessed value of a home. The process begins with the county assessor determining the market value of the property. This value is then multiplied by the state-determined assessment ratio to arrive at the assessed value. The local tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Elbow Lake, the median home price is $260,550, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $2,008, while the 75th percentile reaches $2,248, and the 90th percentile is $2,320. These property taxes fund essential services such as schools, public safety, and infrastructure. Homeowners in Elbow Lake may find their tax bills higher or lower depending on these factors, but they generally fall within the national median property tax rate of 0.99%. This ensures a fair contribution towards the community's upkeep and development.
Average Elbow Lake Tax Bill
$2,128
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 Elbow Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56531 | $1,936 | $2,008 | $2,128 | $2,248 | $2,320 |
Source: Ownwell