Oklee, Minnesota Property Taxes
The median property tax rate in Oklee, MN is 0.50%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Oklee, the typical annual property tax bill reaches $1,202, well below the national median of $2,690. Property taxes in Oklee 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 Oklee'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 Oklee 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
Oklee, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$950
Ownwell’s OKLEE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OKLEE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OKLEE 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 Oklee, Minnesota
Property taxes in Oklee, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oklee is 0.50%, lower than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Oklee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oklee 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 Oklee's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56742 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Oklee provides valuable insights into the varying tax landscape across Pennington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oklee Tax Rate
0.50%
Average Pennington County Tax Rate
1.13%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oklee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56742 | 0.41% | 0.44% | 0.50% | 0.83% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Oklee, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oklee, 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 Pennington 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 Oklee, 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. The highest and lowest median tax bills in Oklee are both $1,202 in the 56742 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oklee Assessed Value
$189,900
Average Pennington County Assessed Value
$156,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oklee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56742 | $57,780 | $115,700 | $189,900 | $292,150 | $393,020 |
Source: Ownwell
Property Tax Bills Across Oklee, Minnesota
In Oklee, located in Pennington County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For example, with a median home price of $189,900, homeowners in Oklee can expect varying tax bills. The 25th percentile tax bill is $657, while the 75th percentile tax bill reaches $1,758, and the 90th percentile tax bill can go up to $2,216. These figures show how property taxes can vary widely depending on the specific valuation of your property. Compared to the national median property tax rate of 0.99%, Oklee’s rates reflect the local economic conditions and funding requirements for public services. Understanding these factors can help homeowners better anticipate their annual tax obligations and manage their finances accordingly.
Average Oklee Tax Bill
$1,202
Average Pennington County Tax Bill
$1,610
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Oklee, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56742 | $294 | $657 | $1,202 | $1,758 | $2,216 |
Source: Ownwell