Elizabeth, Minnesota Property Taxes
The median property tax rate in Elizabeth, MN is 0.87%, 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 Elizabeth at $143,950, the typical annual property tax bill amounts to $1,218, falling below the national median of $2,690. Property taxes in Elizabeth are calculated based on the tax assessed value, which often is less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Elizabeth'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 Elizabeth or another part of Otter Tail County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elizabeth, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,252
Ownwell’s Elizabeth Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Elizabeth with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Elizabeth to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, you can scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Elizabeth, Minnesota
Property taxes in Elizabeth, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabeth is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Elizabeth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabeth 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 Elizabeth's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56533 in Otter Tail County has the same median property tax rate of 0.87%, highlighting a consistency within the region. Understanding how these cities compare with Elizabeth 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 Elizabeth Tax Rate
0.87%
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 Elizabeth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56533 | 0.53% | 0.71% | 0.87% | 1.07% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Elizabeth, Minnesota
In Elizabeth, 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 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 Elizabeth, 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 Elizabeth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 56533 has the highest and lowest median tax bill at $1218.
Average Elizabeth Assessed Value
$143,950
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 Elizabeth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56533 | $14,340 | $62,800 | $143,950 | $253,550 | $400,800 |
Source: Ownwell
Property Tax Bills Across Elizabeth, Minnesota
In Elizabeth, Otter Tail County, MN, property tax bills are calculated based on the assessed value of a home. The median home price here is $143,950, and the tax bill is influenced by various factors including property value, local tax rates, and any applicable exemptions. Homeowners in Elizabeth can expect their tax bills to vary significantly; for instance, the 25th percentile tax bill is around $560, while the 75th percentile reaches up to $1,960. Those in the 90th percentile might see tax bills as high as $2,628. These variations highlight how different factors such as property location within the city, improvements, and specific local levies can impact the final tax amount. Compared to the national median property tax rate of 0.99%, Elizabeth's property tax bills can be considered moderate. Understanding these elements is crucial for homeowners as it affects their annual financial planning and overall cost of homeownership in the region.
Average Elizabeth Tax Bill
$1,218
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 Elizabeth, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56533 | $202 | $560 | $1,218 | $1,960 | $2,628 |
Source: Ownwell