Detroit Lakes, Minnesota Property Taxes
The median property tax rate in Detroit Lakes, MN is 0.79%, lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Detroit Lakes at $258,750, the typical annual property tax bill amounts to $2,194, which is below the national median of $2,690. Property taxes in Detroit Lakes are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Detroit Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Detroit Lakes 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
Detroit Lakes, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$2,044
Ownwell’s Detroit Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Detroit Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Detroit Lakes 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 Detroit Lakes, Minnesota
Property taxes in Detroit Lakes, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Detroit Lakes is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Detroit Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Detroit Lakes 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 Detroit Lakes' effective property tax rate to other areas in Becker County and the national median. For comparison, the zip code 56544 has the highest median property tax rate of 0.84%, while zip code 56501 has the lowest median tax rate of 0.79%. Understanding how these areas compare with Detroit Lakes provides valuable insights into the varying tax landscape across Becker County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Detroit Lakes Tax Rate
0.79%
Average Becker County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Detroit Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56501 | 0.66% | 0.71% | 0.79% | 1.03% | 1.15% |
| 56544 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Detroit Lakes, Minnesota
In Detroit Lakes, 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 Becker County Assessor's Office 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 Detroit Lakes, 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 example, the zip code 56544 has the highest median tax bill at $3,210, while the zip code 56501 has the lowest at $2,194. Being aware of these valuation processes in Detroit Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Detroit Lakes, Minnesota
Source: Ownwell
$27,000
$204,550
$382,100
Average Detroit Lakes Assessed Value
$258,750
Average Becker County Assessed Value
$241,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Detroit Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56501 | $45,010 | $140,900 | $258,700 | $402,175 | $600,800 |
| 56544 | $382,100 | $382,100 | $382,100 | $382,100 | $382,100 |
Source: Ownwell
Property Tax Bills Across Detroit Lakes, Minnesota
In Detroit Lakes, Becker County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence this calculation, such as the property's market value, location, and any applicable exemptions or deductions. For instance, in Detroit Lakes, the median home price is $258,750. Homeowners in this area experience a range of tax bills. At the 25th percentile, the tax bill is approximately $1,226, while at the 75th percentile, it rises to $3,384. Those in the 90th percentile can expect to pay around $5,449. The highest median tax bill in the region is $3,210 in the 56544 zip code, whereas the lowest is $2,194 in the 56501 zip code. These property taxes directly impact homeowners, affecting their annual financial planning and potentially influencing property values. With the national median property tax rate at 0.99%, understanding local tax obligations is crucial for homeowners in Detroit Lakes.
Average Detroit Lakes Tax Bill
$2,194
Average Becker County Tax Bill
$1,854
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Detroit Lakes, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56501 | $418 | $1,226 | $2,194 | $3,387 | $5,450 |
| 56544 | $3,210 | $3,210 | $3,210 | $3,210 | $3,210 |
Source: Ownwell