Oak Park, Minnesota Property Taxes
The median property tax rate in Oak Park, MN is 0.98%, just below the national median of 0.99% but still lower than the Minnesota state median of 1.11%. With a median home value of $310,550, the typical annual property tax bill in Oak Park reaches $2,785, slightly above the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Oak Park'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 Oak Park or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oak Park, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$3,043
Ownwell’s Oak Park Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oak Park with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Oak Park to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you plan your finances better. For those interested in more detailed information, you can explore neighborhood-level trends further down the page. Your property’s assessed value is determined by Mille Lacs County for tax calculations and considers any applicable exemptions.
Property Tax Rates Across Oak Park, Minnesota
Property taxes in Oak Park, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Park is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Oak Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Park 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 Oak Park's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56357 zip code has both the highest and lowest median property tax rates of 0.98%. Understanding how these cities compare with Oak Park 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 Oak Park Tax Rate
0.98%
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 Oak Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56357 | 0.64% | 0.85% | 0.98% | 1.04% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Oak Park, Minnesota
In Oak Park, 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 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 Oak Park, 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 Oak Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 56357, both at $2,785.
Average Oak Park Assessed Value
$310,550
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 Oak Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56357 | $177,480 | $233,725 | $310,550 | $413,500 | $563,680 |
Source: Ownwell
Property Tax Bills Across Oak Park, Minnesota
In Oak Park, Mille Lacs County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $310,550, homeowners can expect their property tax bill to vary significantly. Factors considered in the calculation include the property's market value, local tax rates, and any applicable exemptions. For homeowners in the 25th percentile, the tax bill is approximately $2,106, while those in the 75th percentile face a tax bill around $3,940. The highest tax bills, in the 90th percentile, can reach up to $4,918. Comparing these figures to the national median property tax rate of 0.99%, homeowners in Oak Park may find their tax responsibilities to be relatively substantial. Understanding these factors can help homeowners better anticipate their annual financial obligations and plan accordingly.
Average Oak Park Tax Bill
$2,785
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 Oak Park, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56357 | $1,267 | $2,106 | $2,785 | $3,940 | $4,918 |
Source: Ownwell