Kerrick, Minnesota Property Taxes
The median property tax rate in Kerrick, MN is 0.71%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $113,100 in Kerrick, the typical annual property tax bill amounts to $746, well below the national median of $2,690. Property taxes in Kerrick are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Kerrick's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Kerrick or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kerrick, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$803
Ownwell’s Kerrick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kerrick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kerrick 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 Kerrick, Minnesota
Property taxes in Kerrick, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kerrick is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Kerrick set these rates annually, and they can vary across different neighborhoods. Each year, Kerrick 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 Kerrick's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55756 has the same median property tax rate of 0.71%, highlighting a consistent tax landscape within Pine County. Understanding how these areas compare with Kerrick provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kerrick Tax Rate
0.71%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kerrick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55756 | 0.51% | 0.59% | 0.71% | 0.88% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Kerrick, Minnesota
In Kerrick, 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 Pine 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 Kerrick, 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. The median home price in Kerrick is $113,100, with tax bills varying significantly. For example, the 25th percentile tax bill is $172, while the 75th percentile tax bill is $1,906. The highest median tax bill in the area is $746 in zip code 55756, which also has the lowest median tax bill at $746. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kerrick Assessed Value
$113,100
Average Pine County Assessed Value
$174,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kerrick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55756 | $13,600 | $25,000 | $113,100 | $249,200 | $380,240 |
Source: Ownwell
Property Tax Bills Across Kerrick, Minnesota
In Kerrick, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. Factors such as home size, location, and market conditions are considered when determining the assessed value. For homeowners in Kerrick, the property tax bill can vary significantly. For instance, the tax bill at the 25th percentile is $172, while at the 75th percentile, it rises to $1,906. The 90th percentile tax bill can reach up to $2,863. Comparatively, the highest and lowest median tax bills in the area are both $746, which is below the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, emergency services, and infrastructure. Understanding how these taxes are calculated can help homeowners budget more effectively and potentially explore opportunities for tax appeals or exemptions.
Average Kerrick Tax Bill
$746
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kerrick, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55756 | $74 | $172 | $746 | $1,906 | $2,863 |
Source: Ownwell