Beaver Creek, Minnesota Property Taxes
The median property tax rate in Beaver Creek, MN is 0.89%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Beaver Creek at $210,000, the typical annual property tax bill reaches $1,606, well below the national median of $2,690. Property taxes in Beaver Creek 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 Beaver Creek'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 Beaver Creek 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
Beaver Creek, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,869
Ownwell’s Beaver Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beaver Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beaver Creek 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 Beaver Creek, Minnesota
Property taxes in Beaver Creek, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beaver Creek is 0.89%, lower than the U.S. national median of 0.99%. Local government entities within Beaver Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beaver Creek 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 Beaver Creek's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56116 zip code has the highest median property tax rate of 0.89%, while the 56116 zip code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with Beaver Creek provides valuable insights into the varying tax landscape across Rock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beaver Creek Tax Rate
0.89%
Average Rock County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beaver Creek, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56116 | 0.56% | 0.60% | 0.89% | 1.00% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Beaver Creek, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Beaver Creek, Rock County, 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 local 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 Beaver Creek, 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. For example, the median home price in Beaver Creek is $210,000. The 25th percentile tax bill is $1008, while the 75th percentile tax bill is $2402, and the 90th percentile tax bill is $3027. The highest and lowest median tax bills, both at $1606, are found in zip code 56116. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Beaver Creek Assessed Value
$210,000
Average Rock County Assessed Value
$166,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beaver Creek, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56116 | $54,800 | $123,850 | $210,000 | $289,500 | $405,480 |
Source: Ownwell
Property Tax Bills Across Beaver Creek, Minnesota
In Beaver Creek, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate set by Rock County. The assessed value is determined by the county assessor, who evaluates your property's market value. This assessed value is then multiplied by the local tax rate to determine your annual property tax bill. For example, with a median home price of $210,000, homeowners in Beaver Creek can expect their tax bills to vary widely. At the lower end, the 25th percentile tax bill is around $1,008, while those in the 75th percentile see bills closer to $2,402. The highest tax bills reach up to $3,027, placing a significant financial consideration on homeowners. These property taxes fund essential local services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Beaver Creek's rates can significantly impact household budgets, making it crucial for homeowners to understand and manage their tax liabilities effectively.
Average Beaver Creek Tax Bill
$1,606
Average Rock County Tax Bill
$1,430
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Beaver Creek, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56116 | $436 | $1,008 | $1,606 | $2,402 | $3,027 |
Source: Ownwell