Akeley, Minnesota Property Taxes
The median property tax rate in Akeley, MN is 0.48%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Akeley, the typical annual property tax bill reaches $1,318, well below the national median of $2,690. Property taxes in Akeley 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 Akeley'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 Akeley or another part of Cass County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Akeley, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$1,307
Ownwell’s Akeley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Akeley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Akeley 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 Akeley, Minnesota
Property taxes in Akeley, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Akeley is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Akeley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Akeley 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 Akeley's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56433 zip code has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Akeley provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Akeley Tax Rate
0.48%
Average Cass County Tax Rate
0.53%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Akeley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56433 | 0.43% | 0.45% | 0.48% | 0.52% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Akeley, Minnesota
In Akeley, 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 Cass 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 Akeley, 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. Being aware of these valuation processes in Akeley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 56433 has the same median tax bill of $1,318, reflecting the median property tax scenario in the area.
Average Akeley Assessed Value
$272,200
Average Cass County Assessed Value
$248,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Akeley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56433 | $107,420 | $164,600 | $272,200 | $367,900 | $505,480 |
Source: Ownwell
Property Tax Bills Across Akeley, Minnesota
In Akeley, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office in Cass County. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. The median home price in Akeley is $272,200, and property tax rates are influenced by various factors, including local government budgets and school district funding requirements. Homeowners in Akeley can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $812, while at the 75th percentile, it rises to $1846. Those at the 90th percentile could see tax bills as high as $2633. The median tax bill in the area is $1318, which is relatively modest compared to the national median property tax rate of 0.99%. These tax bills impact homeowners by affecting their annual housing costs and potentially influencing their decisions on property investments and homeownership in the region.
Average Akeley Tax Bill
$1,318
Average Cass County Tax Bill
$1,350
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Akeley, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56433 | $485 | $812 | $1,318 | $1,846 | $2,633 |
Source: Ownwell