Osakis, Minnesota Property Taxes
The median property tax rate in Osakis, MN is 1.00%, slightly above the national median of 0.99% but below the Minnesota state median of 1.11%. With a median home value of $159,350 in Osakis, the typical annual property tax bill amounts to $1,808, which is lower than the national median of $2,690. Property taxes in Osakis are calculated based on the assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Osakis'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 Osakis or another part of Douglas County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Osakis, 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 Osakis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osakis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osakis 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 Osakis, Minnesota
Property taxes in Osakis, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osakis is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Osakis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osakis 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 Osakis's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56360 zip code has the highest median property tax rate of 1.00%, while the 56360 zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Osakis provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Osakis Tax Rate
1.00%
Average Douglas County Tax Rate
0.86%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osakis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56360 | 0.51% | 0.81% | 1.00% | 1.28% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Osakis, Minnesota
In Osakis, 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 Douglas County Assessor 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 Osakis, 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 median home price in Osakis is $159,350, with property tax bills ranging from $1,006 at the 25th percentile to $3,694 at the 90th percentile. The zip code with the highest and lowest median tax bill is 56360, both at $1,808. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Osakis Assessed Value
$159,350
Average Douglas County Assessed Value
$264,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Osakis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56360 | $24,230 | $87,000 | $159,350 | $275,525 | $414,600 |
Source: Ownwell
Property Tax Bills Across Osakis, Minnesota
In Osakis, located in Douglas County, MN, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Various factors influence this assessment, including the property's size, location, and condition. The tax rate, applied to the assessed value, is a crucial component in determining the final tax bill. Homeowners in Osakis can expect a range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $1,006, while the 75th percentile tax bill reaches approximately $2,744. The 90th percentile tax bill can go up to $3,694, indicating significant variability based on property characteristics. Compared to the national median property tax rate of 0.99%, homeowners in Osakis experience a tax burden that can vary considerably. This variability affects homeowners' financial planning and the overall affordability of homeownership in the area.
Average Osakis Tax Bill
$1,808
Average Douglas County Tax Bill
$2,330
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Osakis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56360 | $266 | $1,006 | $1,808 | $2,744 | $3,694 |
Source: Ownwell