Evansville, Minnesota Property Taxes
The median property tax rate in Evansville, MN is 0.56%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Evansville at $233,700, the typical annual property tax bill is $1,182, well below the national median of $2,690. Property taxes in Evansville 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 Evansville'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 Evansville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Evansville, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,309
Ownwell’s Evansville Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Evansville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Evansville to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Evansville, Minnesota
Property taxes in Evansville, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Evansville is 0.56%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Evansville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Evansville 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 Evansville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56326 has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Evansville 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 Evansville Tax Rate
0.56%
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 Evansville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56326 | 0.32% | 0.48% | 0.56% | 0.61% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Evansville, Minnesota
In Evansville, 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. 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 Evansville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,182, found in the 56326 zip code.
Average Evansville Assessed Value
$233,700
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 Evansville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56326 | $51,740 | $129,000 | $233,700 | $380,100 | $486,460 |
Source: Ownwell
Property Tax Bills Across Evansville, Minnesota
In Evansville, 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 and represents the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $233,700, the property tax bills range significantly. Homeowners at the 25th percentile pay around $564 annually, while those at the 75th percentile face a bill of approximately $1,710. At the 90th percentile, the tax bill can reach up to $2,530. These variations in tax bills are influenced by factors such as property location within the county, improvements made to the property, and any applicable tax exemptions or deductions. Compared to the national median property tax rate of 0.99%, the rates in Evansville can significantly affect homeowners' finances, making it crucial for property owners to understand their assessed values and potential tax liabilities.
Average Evansville Tax Bill
$1,182
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 Evansville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56326 | $280 | $564 | $1,182 | $1,710 | $2,530 |
Source: Ownwell