Perham, Minnesota Property Taxes
The median property tax rate in Perham, MN is 0.77%, 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 Perham, the typical annual property tax bill reaches $2,092, falling below the national median of $2,690. Property taxes in Perham are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Perham'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 Perham or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Perham, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,803
Ownwell’s Perham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Perham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Perham 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 Perham, Minnesota
Property taxes in Perham, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Perham is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Perham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Perham 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 Perham's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56573 has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Perham 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 Perham Tax Rate
0.77%
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 Perham, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56573 | 0.63% | 0.70% | 0.77% | 1.02% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Perham, Minnesota
In Perham, 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 Perham, 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 Perham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Perham are both $2,092, found in the 56573 zip code.
Average Perham Assessed Value
$234,100
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 Perham, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56573 | $23,700 | $127,200 | $234,100 | $378,000 | $527,100 |
Source: Ownwell
Property Tax Bills Across Perham, Minnesota
In Perham, located in Otter Tail County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate various factors such as the property's size, location, and condition. Homeowners in Perham can expect a range of property tax bills. For instance, the tax bill at the 25th percentile is approximately $1,144, while at the 75th percentile, it rises to $3,046. Those at the 90th percentile may see tax bills as high as $4,057. Comparatively, the highest and lowest median tax bills in the area are both $2,092, which is significantly above the national median property tax rate of 0.99%. These tax bills can have a substantial impact on homeowners, influencing their overall cost of living and potentially affecting their financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively and anticipate any changes in their property tax obligations.
Average Perham Tax Bill
$2,092
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 Perham, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56573 | $240 | $1,144 | $2,092 | $3,046 | $4,057 |
Source: Ownwell