Deer Creek, Minnesota Property Taxes
The median property tax rate in Deer Creek, MN is 0.76%, lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Deer Creek at $160,100, the typical annual property tax bill is $1,208, which is below the national median of $2,690. Property taxes in Deer Creek are determined based on the tax assessed value, which is usually less than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Deer Creek's property tax system and exploring potential exemptions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Deer Creek or elsewhere in Otter Tail County, being knowledgeable about the local property tax regulations can be highly beneficial.
Last Updated June 14, 2024
Deer Creek, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,217
Ownwell’s Deer Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deer Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deer Creek 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 Otter Tail County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Deer Creek, Minnesota
Property taxes in Deer Creek, 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 Creek is 1.10%, higher than both the Minnesota state median of 1.02% and the U.S. national median of 0.99%. Local government entities within Deer Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deer Creek 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 Creek's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56527 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Deer Creek provides valuable insights into the varying tax landscape across Otter Tail County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deer Creek Tax Rate
0.76%
Average Otter Tail County Tax Rate
0.74%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deer Creek, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56527 | 0.39% | 0.61% | 0.76% | 0.97% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Deer Creek, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Deer Creek, 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 Otter Tail 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 Creek, 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. Deer Creek’s median home price is $160,100, with tax bills ranging from $726 at the 25th percentile to $2,504 at the 90th percentile. The highest and lowest median tax bills are both $1,208 in the 56527 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Deer Creek Assessed Value
$160,100
Average Otter Tail County Assessed Value
$204,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deer Creek, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56527 | $29,950 | $84,750 | $160,100 | $293,075 | $418,650 |
Source: Ownwell
Property Tax Bills Across Deer Creek, Minnesota
In Deer Creek, located in Otter Tail County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Deer Creek is $160,100. Property taxes are determined by multiplying the assessed value by the local tax rate, which is influenced by county and city budgets, school funding, and other public services. For example, homeowners in the 25th percentile pay around $726 annually, while those in the 75th percentile see tax bills of about $1,810. At the 90th percentile, the tax bill can reach up to $2,504. These figures illustrate the range of property taxes homeowners might expect, depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Deer Creek's property tax rate is relatively moderate, offering a balance between public service funding and homeowner affordability. This system ensures that property taxes are proportionate to the value and location of the property, impacting homeowners differently based on these variables.
Average Deer Creek Tax Bill
$1,208
Average Otter Tail County Tax Bill
$1,674
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Deer Creek, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56527 | $379 | $726 | $1,208 | $1,810 | $2,504 |
Source: Ownwell