Parkville, Minnesota Property Taxes
The median property tax rate in Parkville, MN is 0.95%, which is slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Parkville, the typical annual property tax bill amounts to $1,318, which is lower than the national median of $2,690. Property taxes in Parkville are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Parkville'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 Parkville 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
Parkville, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$1,401
Ownwell’s Parkville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parkville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parkville 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 Parkville, Minnesota
Property taxes in Parkville, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parkville is 0.95%, which is slightly below the U.S. national median of 0.99%. Local government entities within Parkville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parkville 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 Parkville's effective property tax rate to other areas in St. Louis County and the national median. For comparison, the 55768 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these areas compare with Parkville provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parkville Tax Rate
0.95%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parkville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55768 | 0.76% | 0.76% | 0.95% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Parkville, Minnesota
In Parkville, 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 St. Louis 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 Parkville, 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 Parkville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest and lowest median tax bill in Parkville is 55768, with a median tax bill of $1,318.
Average Parkville Assessed Value
$147,500
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parkville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55768 | $113,500 | $145,400 | $147,500 | $196,300 | $216,000 |
Source: Ownwell
Property Tax Bills Across Parkville, Minnesota
In Parkville, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value. Once the market value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property’s location, size, and condition. For homeowners in Parkville, the median home price is $147,500. The property tax bill can vary significantly, with the 25th percentile at $1,102 and the 75th percentile at $2,085. At the higher end, the 90th percentile of tax bills reaches $2,508. Compared to the national median property tax rate of 0.99%, Parkville's tax bills reflect the local economic conditions and property values. These taxes are crucial for funding public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Parkville Tax Bill
$1,318
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Parkville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55768 | $1,102 | $1,102 | $1,318 | $2,085 | $2,508 |
Source: Ownwell