Oklee, Minnesota Property Taxes
The median property tax rate in Oklee, MN is 1.03%, slightly higher than the national median of 0.99% but below the Minnesota state median of 1.11%. With the median home value in Oklee at $92,900, the typical annual property tax bill reaches $848, which is significantly less than the national median of $2,690. Property taxes in Oklee 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 Oklee'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 Oklee 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
Oklee, 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 Oklee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oklee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oklee 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 Oklee, Minnesota
Property taxes in Oklee, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oklee is 1.03%, surpassing both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Oklee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oklee 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 Oklee's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56742 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Oklee provides valuable insights into the varying tax landscape across Red Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oklee Tax Rate
1.03%
Average Red Lake County Tax Rate
1.03%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oklee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56742 | 0.49% | 0.56% | 1.03% | 1.37% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Oklee, Minnesota
In Oklee, 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 Red Lake 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 Oklee, 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 Oklee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56742 in Oklee has the highest and lowest median tax bill at $848, which is significantly lower than the national median property tax rate of 0.99%.
Average Oklee Assessed Value
$92,900
Average Red Lake County Assessed Value
$138,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oklee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56742 | $19,500 | $51,550 | $92,900 | $153,650 | $254,700 |
Source: Ownwell
Property Tax Bills Across Oklee, Minnesota
In Oklee, located in Red Lake County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The process begins with the county assessor determining the market value of a property. This value is then adjusted to reflect the assessed value, which is a percentage of the market value. The local tax rate is applied to this assessed value to calculate the property tax bill. Several factors influence the final tax bill, including the property's location, size, and improvements. For instance, the median home price in Oklee is $92,900. Property tax bills in the area can vary significantly, with the 25th percentile at $458 and the 75th percentile reaching $1,490. At the 90th percentile, homeowners might see tax bills as high as $2,050. These tax bills impact homeowners by contributing to the overall cost of homeownership, influencing decisions on budget and property investment. Compared to the national median property tax rate of 0.99%, Oklee's rates reflect the local economic and governmental factors.
Average Oklee Tax Bill
$848
Average Red Lake County Tax Bill
$1,274
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Oklee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56742 | $215 | $458 | $848 | $1,490 | $2,050 |
Source: Ownwell