Deer River, Minnesota Property Taxes
The median property tax rate in Deer River, MN is 0.86%, 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 Deer River at $156,500, the typical annual property tax bill is $1,212, significantly below the national median of $2,690. Property taxes in Deer River 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 Deer River'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 Deer River 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
Deer River, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,346
Ownwell’s Deer River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deer River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deer River 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 Deer River, Minnesota
Property taxes in Deer River, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deer River is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Deer River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deer River 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 Deer River's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56636 zip code has both the highest and lowest median property tax rate in Deer River, at 0.86%. Understanding how these figures compare with Deer River provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deer River Tax Rate
0.86%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deer River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56636 | 0.43% | 0.70% | 0.86% | 0.93% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Deer River, Minnesota
In Deer River, 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 Itasca 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 Deer River, 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 Deer River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 56636 has both the highest and lowest median tax bill, valued at $1,212.
Average Deer River Assessed Value
$156,500
Average Itasca County Assessed Value
$169,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deer River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56636 | $30,600 | $78,600 | $156,500 | $275,300 | $434,960 |
Source: Ownwell
Property Tax Bills Across Deer River, Minnesota
In Deer River, located in Itasca County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price here is $156,500, which serves as a key factor in determining property taxes. The assessed value is multiplied by the local tax rate to derive the annual tax bill. For homeowners in Deer River, the tax bills can vary significantly. The 25th percentile tax bill is $554, while the 75th percentile tax bill reaches $2,318, and the 90th percentile tax bill can be as high as $3,854. These variations highlight how property taxes can affect homeowners differently depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, the tax rate in Deer River can lead to relatively higher or lower tax bills. Understanding these factors is crucial for homeowners as they plan their finances and consider the long-term costs of owning property in this area.
Average Deer River Tax Bill
$1,212
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Deer River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56636 | $198 | $554 | $1,212 | $2,318 | $3,854 |
Source: Ownwell