Bock, Minnesota Property Taxes
The median property tax rate in BOCK, MN is 1.02%, slightly above the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in BOCK at $135,850, the typical annual property tax bill is $1,514, which is below the national median of $2,690. Property taxes in BOCK 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 BOCK'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 BOCK or another part of Mille Lacs County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bock, 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 BOCK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BOCK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BOCK 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 Bock, Minnesota
Property taxes in BOCK, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in BOCK is 1.02%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within BOCK set these rates annually, and they can vary significantly across different neighborhoods. Each year, BOCK 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 BOCK's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56313 zip code has both the highest and lowest median property tax rate of 1.02%. Understanding how these cities compare with BOCK provides valuable insights into the varying tax landscape across Mille Lacs County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bock Tax Rate
1.02%
Average Mille Lacs County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56313 | 0.85% | 0.94% | 1.02% | 1.19% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Bock, Minnesota
In BOCK, 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 Mille Lacs 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 BOCK, 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 BOCK helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $1514, found in the 56313 zip code.
Average Bock Assessed Value
$135,850
Average Mille Lacs County Assessed Value
$240,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56313 | $47,010 | $104,175 | $135,850 | $173,650 | $226,740 |
Source: Ownwell
Property Tax Bills Across Bock, Minnesota
In Bock, Mille Lacs County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Bock is $135,850, with property taxes varying significantly across different percentiles. For instance, the tax bill at the 25th percentile is $949, while at the 75th percentile, it rises to $1,860, and at the 90th percentile, it reaches $2,680. These taxes fund essential public services such as schools, road maintenance, and emergency services, directly impacting the quality of life in the community. For homeowners, understanding these factors is crucial as they influence the overall cost of homeownership. With a median tax rate higher than the national average of 0.99%, property taxes in Bock can represent a significant portion of annual expenses for residents.
Average Bock Tax Bill
$1,514
Average Mille Lacs County Tax Bill
$2,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56313 | $544 | $949 | $1,514 | $1,860 | $2,680 |
Source: Ownwell