Outing, Minnesota Property Taxes
The median property tax rate in Outing, MN is 0.70%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Outing, the typical annual property tax bill reaches $1,371, which is well below the national median of $2,690. Property taxes in Outing 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 Outing'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 Outing or another part of Crow Wing County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Outing, 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 Outing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Outing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Outing 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 Outing, Minnesota
Property taxes in Outing, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Outing is 0.70%, lower than the U.S. national median of 0.99%. Local government entities within Outing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Outing 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 Outing's effective property tax rate to other areas in Crow Wing County and the national median. For comparison, the 56662 zip code has the same median property tax rate of 0.70%. Understanding how these areas compare with Outing provides valuable insights into the varying tax landscape across Crow Wing County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Outing Tax Rate
0.70%
Average Crow Wing County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Outing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56662 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Outing, Minnesota
In Outing, 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 Crow Wing 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 Outing, 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 Outing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Outing are both $1,371, with the zip code 56662 reflecting this value.
Average Outing Assessed Value
$195,900
Average Crow Wing County Assessed Value
$265,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Outing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56662 | $195,900 | $195,900 | $195,900 | $195,900 | $195,900 |
Source: Ownwell
Property Tax Bills Across Outing, Minnesota
In Outing, Crow Wing County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This valuation considers factors such as the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. For homeowners in Outing, the median home price is $195,900. With a median property tax bill of $1,371, the effective tax rate is approximately 0.70%, which is below the national median property tax rate of 0.99%. This relatively lower tax rate can make homeownership more affordable in Outing compared to other areas with higher rates. However, property taxes still represent a significant annual expense for homeowners, influencing decisions related to home purchases and long-term financial planning. Understanding how these taxes are calculated helps homeowners better anticipate and manage their yearly financial obligations.
Average Outing Tax Bill
$1,371
Average Crow Wing County Tax Bill
$1,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Outing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56662 | $1,371 | $1,371 | $1,371 | $1,371 | $1,371 |
Source: Ownwell