Palisade, Minnesota Property Taxes
The median property tax rate in Palisade, MN is 0.51%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Palisade at $188,900, the typical annual property tax bill reaches $850, well below the national median of $2,690. Property taxes in Palisade 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 Palisade'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 Palisade 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
Palisade, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$963
Ownwell’s Palisade Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Palisade with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palisade 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 Palisade, Minnesota
Property taxes in Palisade, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palisade is 0.51%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Palisade set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palisade 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 Palisade's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56469 zip code has both the highest and lowest median property tax rate of 0.51%. Understanding how these cities compare with Palisade provides valuable insights into the varying tax landscape across Aitkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palisade Tax Rate
0.51%
Average Aitkin County Tax Rate
0.51%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palisade, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56469 | 0.29% | 0.42% | 0.51% | 0.55% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Palisade, Minnesota
In Palisade, 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 Aitkin 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 Palisade, 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 instance, the median home price in Palisade is $188,900, with the 25th percentile tax bill at $412 and the 75th percentile tax bill at $1,470. The highest and lowest median tax bill is $850 in the 56469 zip code. Being aware of these valuation processes in Palisade helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Palisade Assessed Value
$188,900
Average Aitkin County Assessed Value
$189,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palisade, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56469 | $44,790 | $96,325 | $188,900 | $303,075 | $422,930 |
Source: Ownwell
Property Tax Bills Across Palisade, Minnesota
In Palisade, located in Aitkin 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 and reflects the market value of the property. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Various factors influence the tax bill, including changes in the assessed value of the property and adjustments to the local tax rate. For homeowners in Palisade, the tax bills can vary significantly. For instance, the 25th percentile tax bill is $412, while the 75th percentile reaches $1,470, and the 90th percentile can go up to $2,083. These figures highlight the range of property tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Palisade’s property tax rate reflects local economic conditions and public service funding needs. Homeowners should be aware of these factors as they can significantly impact their annual financial planning and overall cost of homeownership.
Average Palisade Tax Bill
$850
Average Aitkin County Tax Bill
$932
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Palisade, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56469 | $185 | $412 | $850 | $1,470 | $2,083 |
Source: Ownwell