Elko, Minnesota Property Taxes
The median property tax rate in Elko, MN is 0.26%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Elko at $328,800, the typical annual property tax bill reaches $854, which is significantly below the national median of $2,690. Property taxes in Elko are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elko'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 Elko 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
Elko, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.26%
Estimate Property Tax Bill
$855
Ownwell’s Elko Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elko with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elko 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 Elko, Minnesota
Property taxes in Elko, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elko is 1.25%, significantly higher than the Minnesota state median of 1.09% and the U.S. national median of 0.99%. Local government entities within Elko set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elko 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 Elko's effective property tax rate to other counties in Minnesota and the national median. For comparison, ZIP code 55402 has the highest median property tax rate of 1.40%, while ZIP code 56001 has the lowest median tax rate of 0.72%. Understanding how these cities compare with Elko provides valuable insights into the varying tax landscape across Rice County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elko Tax Rate
0.26%
Average Rice County Tax Rate
0.89%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elko, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55020 | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% |
Source: Ownwell
Property Tax Assessment Values Across Elko, Minnesota
In Elko, 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 Rice 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. 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 Elko helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Elko, both at $854, are found in the 55020 zip code.
Average Elko Assessed Value
$328,800
Average Rice County Assessed Value
$294,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elko, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55020 | $328,800 | $328,800 | $328,800 | $328,800 | $328,800 |
Source: Ownwell
Property Tax Bills Across Elko, Minnesota
In Elko, property tax bills are determined based on the assessed value of the property and the local tax rate. The assessed value is an estimate of the property's market value, which is periodically determined by local assessors. This value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Elko, the median home price is $328,800. The property tax rate in Rice County, where Elko is located, results in a median tax bill of $854. This figure is notably lower than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's assessed value, any applicable exemptions, and local tax levies. For instance, homeowners with properties in the 25th, 75th, and 90th percentiles all face the same median tax bill of $854, indicating a consistent rate across different property values. This relatively low and uniform tax burden can make homeownership in Elko more affordable compared to other regions.
Average Elko Tax Bill
$854
Average Rice County Tax Bill
$2,471
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Elko, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55020 | $854 | $854 | $854 | $854 | $854 |
Source: Ownwell