Euclid, Minnesota Property Taxes
The median property tax rate in Euclid, MN is 0.90%, 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 $180,650 in Euclid, the typical annual property tax bill amounts to $1,478, falling below the national median of $2,690. Property taxes in Euclid are calculated based on the tax assessed value, which usually is less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Euclid's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you reside in Euclid or another part of Polk County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Euclid, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Euclid Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Euclid with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Euclid 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 Euclid, Minnesota
Property taxes in Euclid, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Euclid is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Euclid set these rates annually, and they can vary significantly across different neighborhoods. Each year, Euclid 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 Euclid's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56722 has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Euclid 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 Euclid Tax Rate
0.90%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Euclid, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56722 | 0.42% | 0.64% | 0.90% | 0.97% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Euclid, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Euclid, 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 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 Euclid, 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 Euclid helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Euclid both amount to $1,478, and this figure is found in the zip code 56722.
Average Euclid Assessed Value
$180,650
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 Euclid, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56722 | $71,650 | $109,450 | $180,650 | $264,050 | $484,900 |
Source: Ownwell
Property Tax Bills Across Euclid, Minnesota
In Euclid, located in Polk County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and market conditions. For instance, the median home price in Euclid is $180,650. Homeowners in the 25th percentile can expect a tax bill around $978, while those in the 75th percentile might pay approximately $2,068. The highest tax bills, in the 90th percentile, can reach up to $3,004. Compared to the national median property tax rate of 0.99%, Euclid’s property taxes can significantly impact homeowners, affecting their annual budget and long-term financial planning. Understanding these factors can help homeowners better anticipate their property tax obligations and plan accordingly.
Average Euclid Tax Bill
$1,478
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Euclid, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56722 | $670 | $978 | $1,478 | $2,068 | $3,004 |
Source: Ownwell