Elk River, Minnesota Property Taxes
The median property tax rate in Elk River, MN is 0.97%, slightly lower than the national median of 0.99% and significantly below Minnesota's state median of 1.11%. With a median home value of $470,000 in Elk River, the typical annual property tax bill amounts to $4,311, which is notably higher than the national median of $2,690. Property taxes in Elk River are calculated based on the assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Elk River'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 Elk River or another part of Anoka County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elk River, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$4,559
$4,231
Ownwell’s Elk River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk River 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 Elk River, Minnesota
Property taxes in Elk River, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk River is 1.07%, higher than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Elk River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk River 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 Elk River's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55330 zip code has the highest median property tax rate of 1.07%, while the 55330 zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Elk River provides valuable insights into the varying tax landscape across Anoka County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk River Tax Rate
0.97%
Average Anoka County Tax Rate
0.96%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55330 | 0.68% | 0.76% | 0.97% | 1.00% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Elk River, Minnesota
In Elk River, 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 Anoka 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 Elk River, 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 highest and lowest median tax bills in Elk River are both $4,311, found in the 55330 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 Elk River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elk River Assessed Value
$470,000
Average Anoka County Assessed Value
$327,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55330 | $323,200 | $407,675 | $470,000 | $544,925 | $645,450 |
Source: Ownwell
Property Tax Bills Across Elk River, Minnesota
In Elk River, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The median home price in Elk River is $470,000. Property taxes are influenced by several factors, including the home's assessed value, the local tax rate, and applicable exemptions. The tax rate in Anoka County is critical in determining the final tax bill. For homeowners in Elk River, the 25th percentile tax bill is $3,424, while the 75th percentile tax bill reaches $5,144. At the 90th percentile, the tax bill can be as high as $6,062. The highest median tax bill in the area, found in the 55330 zip code, is $4,311. These figures highlight the variability in property tax bills, which can significantly impact household budgets. Comparatively, the national median property tax rate is 0.99%, making it essential for Elk River homeowners to understand how local rates and home values affect their annual property tax obligations.
Average Elk River Tax Bill
$4,311
Average Anoka County Tax Bill
$3,246
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55330 | $2,725 | $3,424 | $4,311 | $5,144 | $6,062 |
Source: Ownwell