Park Rapids, Minnesota Property Taxes
The median property tax rate in Park Rapids, MN is 0.69%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Park Rapids at $224,100, the typical annual property tax bill reaches $1,526, falling below the national median of $2,690. Property taxes in Park Rapids 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 Park Rapids' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Park Rapids 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
Park Rapids, 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 PARK RAPIDS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PARK RAPIDS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PARK RAPIDS 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 Park Rapids, Minnesota
Property taxes in Park Rapids, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park Rapids is 1.02%, which is higher than both the Minnesota state median of 0.88% and the U.S. national median of 0.99%. Local government entities within Park Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park Rapids 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 Park Rapids' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56470 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Park Rapids provides valuable insights into the varying tax landscape across Hubbard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Park Rapids Tax Rate
0.69%
Average Wadena County Tax Rate
0.94%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56470 | 0.59% | 0.62% | 0.69% | 0.74% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Park Rapids, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Park Rapids, 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 Wadena 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 Park Rapids, 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. The median home price in Park Rapids is $224,100, with tax bills ranging from $874 at the 25th percentile to $3,450 at the 90th percentile. The highest and lowest median tax bills both amount to $1,526 in the 56470 zip code. 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 Park Rapids helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Park Rapids Assessed Value
$224,100
Average Wadena County Assessed Value
$154,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Park Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56470 | $88,300 | $126,750 | $224,100 | $358,450 | $473,050 |
Source: Ownwell
Property Tax Bills Across Park Rapids, Minnesota
In Park Rapids, located in Wadena 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 assessed, the local tax rate is applied to this value to calculate the tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For instance, the median home price in Park Rapids is $224,100. Homeowners in the 25th percentile can expect a tax bill around $874, while those in the 75th percentile might see bills closer to $2,686. At the 90th percentile, tax bills can reach up to $3,450. These property taxes are crucial for funding local services such as schools, road maintenance, and emergency services. Compared to the national median property tax rate of 0.99%, Park Rapids homeowners might find their tax rates relatively manageable, but they still represent a significant annual expense that affects household budgets.
Average Park Rapids Tax Bill
$1,526
Average Wadena County Tax Bill
$1,464
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Park Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56470 | $608 | $874 | $1,526 | $2,686 | $3,450 |
Source: Ownwell