Pelican Rapids, Minnesota Property Taxes
The median property tax rate in Pelican Rapids, MN is 0.74%, 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 $232,800 in Pelican Rapids, the typical annual property tax bill amounts to $1,912, falling below the national median of $2,690. Property taxes in Pelican Rapids are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Pelican Rapids' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Pelican Rapids 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
Pelican Rapids, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,723
Ownwell's Pelican Rapids Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pelican Rapids with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pelican Rapids 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 Otter Tail County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Pelican Rapids, Minnesota
Property taxes in Pelican Rapids, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pelican Rapids is 0.74%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Pelican Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pelican Rapids 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 Pelican Rapids' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56572 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Pelican Rapids 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 Pelican Rapids Tax Rate
0.74%
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 Pelican Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56572 | 0.63% | 0.69% | 0.74% | 0.80% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Pelican Rapids, Minnesota
In Pelican Rapids, 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 Assessor 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 Pelican Rapids, 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 Pelican Rapids 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 $1,912, found in the 56572 zip code.
Property Tax Assessment Values Across Pelican Rapids, Minnesota
Source: Ownwell
$143,950
$274,175
$404,400
Average Pelican Rapids Assessed Value
$232,800
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 Pelican Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56572 | $21,740 | $94,200 | $232,800 | $432,900 | $640,560 |
Source: Ownwell
Property Tax Bills Across Pelican Rapids, Minnesota
In Pelican Rapids, located in Otter Tail County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For Pelican Rapids, the median home price is $232,800. Homeowners in the 25th percentile can expect a tax bill around $834, while those in the 75th percentile might see bills as high as $3,202. At the 90th percentile, tax bills can reach up to $4,874. These property tax bills can significantly impact homeowners, influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, the property tax rate in Pelican Rapids offers a point of comparison for understanding local tax burdens. Homeowners need to consider these taxes when budgeting for homeownership, as they are a recurring annual expense that can fluctuate based on changes in property values and local tax rates.
Average Pelican Rapids Tax Bill
$1,912
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 Pelican Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56572 | $190 | $834 | $1,912 | $3,202 | $4,874 |
Source: Ownwell