Pelican Rapids, Minnesota Property Taxes
The median property tax rate in Pelican Rapids, MN is 0.49%, 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 $325,100, the typical annual property tax bill is $1,636, significantly below 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 like the primary residence and agricultural exemptions. 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
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
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 0.49%, 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's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56572 has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these cities compare with Pelican Rapids provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pelican Rapids Tax Rate
0.49%
Average Clay County Tax Rate
1.36%
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 | 0.19% | 0.27% | 0.49% | 0.75% | 0.78% |
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 Clay 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. The median home price in Pelican Rapids is $325,100, with tax bills ranging from $894 at the 25th percentile to $3,508 at the 90th percentile. Notably, the highest and lowest median tax bills are both $1,636 in the 56572 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 Pelican Rapids helps 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
$124,300
$629,250
$1,134,200
Average Pelican Rapids Assessed Value
$325,100
Average Clay County Assessed Value
$240,800
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 | $95,500 | $215,600 | $325,100 | $524,600 | $622,860 |
Source: Ownwell
Property Tax Bills Across Pelican Rapids, Minnesota
In Pelican Rapids, located in Clay County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. The local tax rate, which is applied to this assessed value, is set by the local government and varies depending on budgetary needs and public services funding. Homeowners in Pelican Rapids experience a range of property tax bills. For instance, the 25th percentile tax bill is $894, while the 75th percentile reaches $2,530, and the 90th percentile goes up to $3,508. These figures reflect the variability in property values and the corresponding tax burdens. With the national median property tax rate at 0.99%, comparing local tax rates and bills helps homeowners understand their financial obligations better. The highest median tax bill in Pelican Rapids is $1,636, providing a benchmark for what homeowners might expect. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual property tax responsibilities.
Average Pelican Rapids Tax Bill
$1,636
Average Clay County Tax Bill
$3,042
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 | $249 | $894 | $1,636 | $2,530 | $3,508 |
Source: Ownwell