Pelican Rapids, Minnesota Property Taxes
The median property tax rate in Pelican Rapids, MN is 0.75%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Pelican Rapids at $413,550, the typical annual property tax bill amounts to $3,280, surpassing the national median of $2,690. Property taxes in Pelican Rapids are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Pelican 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 Pelican 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
Pelican Rapids, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$3,102
Ownwell’s Pelican Rapids Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pelican Rapids with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pelican 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 Pelican Rapids, Minnesota
Property taxes in Pelican Rapids, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pelican Rapids is 0.75%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Pelican Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pelican 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 Pelican Rapids' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56572 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Pelican Rapids provides valuable insights into the varying tax landscape across Wilkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pelican Rapids Tax Rate
0.75%
Average Wilkin County Tax Rate
0.90%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pelican Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56572 | 0.48% | 0.64% | 0.75% | 0.78% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Pelican Rapids, Minnesota
In Pelican Rapids, 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 Wilkin 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 Pelican 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. For instance, the median home price in the area is $413,550, with tax bills ranging from $2,770 at the 25th percentile to $4,035 at the 90th percentile. Notably, the highest and lowest median tax bills both occur in the 56572 zip code, each at $3,280. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Pelican Rapids, Minnesota
Source: Ownwell
$70,300
$241,925
$413,550
Average Pelican Rapids Assessed Value
$413,550
Average Wilkin County Assessed Value
$164,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pelican Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56572 | $252,430 | $342,925 | $413,550 | $613,425 | $936,570 |
Source: Ownwell
Property Tax Bills Across Pelican Rapids, Minnesota
In Pelican Rapids, located in Wilkin County, MN, property tax bills are determined by assessing the market value of a home and then applying the local tax rate to that value. The median home price in this area is $413,550, which serves as the basis for calculating the tax bill. Several factors influence the final tax amount, including the assessed value of the property, local tax levies, and any applicable exemptions or deductions. Homeowners in Pelican Rapids can expect varying tax bills depending on these factors. For instance, the 25th percentile tax bill is approximately $2,770, while the 75th percentile tax bill is around $3,586. At the higher end, the 90th percentile tax bill reaches $4,035. The median tax bill in the area stands at $3,280, which is significantly higher than the national median property tax rate of 0.99%. These tax obligations can impact homeowners' budgets, making it essential to understand the local tax landscape and explore potential exemptions or appeals to manage costs effectively.
Average Pelican Rapids Tax Bill
$3,280
Average Wilkin County Tax Bill
$1,424
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Pelican Rapids, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56572 | $1,951 | $2,770 | $3,280 | $3,586 | $4,035 |
Source: Ownwell