Parkers Prairie, Minnesota Property Taxes
The median property tax rate in Parkers Prairie, MN is 0.77%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Parkers Prairie being $270,750, the typical annual property tax bill amounts to $1,881, significantly below the national median of $2,690. Property taxes in Parkers Prairie are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Parkers Prairie's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Parkers Prairie or another part of Douglas County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parkers Prairie, 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 Parkers Prairie Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Parkers Prairie with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Parkers Prairie to provide an accurate estimate of your property tax bill. This valuable tool helps you comprehend potential tax liabilities, allowing for better financial planning. For those interested in more granular details, you can explore neighborhood-specific trends by scrolling down. Your property's assessed value is determined by the county for tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Parkers Prairie, Minnesota
Property taxes in Parkers Prairie, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parkers Prairie is 0.77%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Parkers Prairie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parkers Prairie 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 Parkers Prairie's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56361 zip code has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Parkers Prairie 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 Parkers Prairie Tax Rate
0.77%
Average Douglas County Tax Rate
0.86%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parkers Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56361 | 0.40% | 0.70% | 0.77% | 0.80% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Parkers Prairie, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Parkers Prairie, Minnesota. 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 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. 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. Understanding these valuation concepts helps property owners better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, in Parkers Prairie, the median home price is $270,750. The highest median tax bill in the area is $1,881 in the 56361 zip code, while the lowest is also $1,881 in the same zip code. By being aware of these processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Parkers Prairie, Minnesota
Source: Ownwell
$129,300
$361,100
$592,900
Average Parkers Prairie Assessed Value
$270,750
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 Parkers Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56361 | $80,010 | $179,450 | $270,750 | $406,725 | $608,930 |
Source: Ownwell
Property Tax Bills Across Parkers Prairie, Minnesota
In Parkers Prairie, located in Douglas County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors, including the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For comparison, the national median property tax rate is 0.99%. Homeowners in Parkers Prairie experience a range of property tax bills. The 25th percentile tax bill is $1,269, while the 75th percentile tax bill is $2,806, reaching up to $3,827 at the 90th percentile. These figures illustrate the variability in tax obligations based on property values and specific circumstances. For homeowners, this means that property taxes can significantly impact annual expenses. Understanding how these taxes are determined and budgeting accordingly is crucial for financial planning and maintaining homeownership affordability in Parkers Prairie.
Average Parkers Prairie Tax Bill
$1,881
Average Douglas County Tax Bill
$2,330
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Parkers Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56361 | $648 | $1,269 | $1,881 | $2,806 | $3,827 |
Source: Ownwell