Erskine, Minnesota Property Taxes
The median property tax rate in Erskine, MN is 0.96%, slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Erskine at $205,300, the typical annual property tax bill reaches $2,032, which is lower than the national median of $2,690. Property taxes in Erskine are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Erskine'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 Erskine 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
Erskine, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,971
Ownwell’s Erskine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Erskine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Erskine 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 Erskine, Minnesota
Property taxes in Erskine, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Erskine is 0.96%, which is lower than the U.S. national median of 0.99%. Local government entities within Erskine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Erskine 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 Erskine's effective property tax rate to other areas in Polk County and the national median. For comparison, the 56535 zip code has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these areas compare with Erskine provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Erskine Tax Rate
0.96%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Erskine, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56535 | 0.67% | 0.90% | 0.96% | 1.29% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Erskine, Minnesota
In Erskine, 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 Polk 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 Erskine, 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. For instance, the median home price in Erskine is $205,300, with tax bills ranging from $1,183 at the 25th percentile to $5,181 at the 90th percentile. The highest and lowest median tax bills are both $2,032, found in the 56535 zip code. 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 Erskine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Erskine Assessed Value
$205,300
Average Polk County Assessed Value
$183,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Erskine, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56535 | $53,120 | $116,150 | $205,300 | $345,400 | $551,580 |
Source: Ownwell
Property Tax Bills Across Erskine, Minnesota
In Erskine, Polk County, MN, property tax bills are calculated based on the assessed value of the home. The local assessor determines this value, which is then multiplied by the local tax rate to determine the tax bill. The median home price in Erskine is $205,300, and the property tax rate in Polk County is relatively moderate compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property improvements, neighborhood developments, and market trends. For example, homes in the 25th percentile have tax bills around $1,183, while those in the 75th percentile can see bills as high as $3,022. The highest median tax bill recorded in the area is $2,032, which is consistent across all zip codes in Polk County. Homeowners in Erskine should be aware that their tax obligations can significantly impact their annual budget. Understanding how property taxes are calculated and what factors are considered can help homeowners plan accordingly and seek exemptions or appeals if necessary.
Average Erskine Tax Bill
$2,032
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Erskine, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56535 | $677 | $1,183 | $2,032 | $3,022 | $5,181 |
Source: Ownwell