Long Prairie, Minnesota Property Taxes
The median property tax rate in Long Prairie, MN is 0.53%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Long Prairie at $210,350, the typical annual property tax bill reaches $1,493, which is significantly less than the national median of $2,690. Property taxes in Long Prairie are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Long Prairie'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 Long Prairie or another part of Morrison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Long Prairie, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$1,115
Ownwell’s Long Prairie Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Long Prairie with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Long Prairie to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Long Prairie, Minnesota
Property taxes in Long Prairie, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Long Prairie is 0.53%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Long Prairie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Long 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 Long Prairie's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56347 zip code has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Long Prairie provides valuable insights into the varying tax landscape across Morrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Long Prairie Tax Rate
0.53%
Average Morrison County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Long Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56347 | 0.25% | 0.29% | 0.53% | 0.80% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Long Prairie, Minnesota
In Long Prairie, 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 Morrison County Assessor's Office 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 Long Prairie, 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 Long Prairie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,493, found in zip code 56347, which also holds the lowest median tax bill at the same value.
Average Long Prairie Assessed Value
$210,350
Average Morrison County Assessed Value
$210,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Long Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56347 | $101,520 | $150,525 | $210,350 | $413,975 | $668,910 |
Source: Ownwell
Property Tax Bills Across Long Prairie, Minnesota
In Long Prairie, MN, located in Morrison County, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $210,350. The tax rate applied to this assessed value determines the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and market conditions. Homeowners in Long Prairie can expect a range of property tax bills. At the 25th percentile, the tax bill is approximately $684, while at the 75th percentile, it rises to $1,848. For those at the 90th percentile, the tax bill can reach up to $3,111. The median tax bill in the highest and lowest zip codes of 56347 is $1,493, which is higher than the national median property tax rate of 0.99%. These tax bills significantly impact homeowners, affecting their annual budgeting and overall cost of living. Understanding how these taxes are calculated can help homeowners plan better and potentially seek appeals or exemptions if they feel their property has been over-assessed.
Average Long Prairie Tax Bill
$1,493
Average Morrison County Tax Bill
$1,722
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Long Prairie, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56347 | $287 | $684 | $1,493 | $1,848 | $3,111 |
Source: Ownwell