Erskine, Minnesota Property Taxes
The median property tax rate in Erskine, MN is 0.54%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Erskine at $198,900, the typical annual property tax bill reaches $1,130, which is well below the national median of $2,690. Property taxes in Erskine are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Erskine'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 Erskine 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
Erskine, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$1,074
Ownwell’s Erskine Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Erskine. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Erskine to provide an accurate estimate of your property tax bill. This user-friendly tool helps you understand your potential tax liabilities with ease. For those interested in more detailed trends, we offer localized information that can be accessed by scrolling down. Remember, your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Erskine, Minnesota
Property taxes in Erskine, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Erskine is 0.54%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Erskine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Erskine 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 Erskine's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56535 zip code has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Erskine provides valuable insights into the varying tax landscape across Red Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Erskine Tax Rate
0.54%
Average Red Lake County Tax Rate
1.03%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Erskine, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56535 | 0.44% | 0.52% | 0.54% | 0.57% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Erskine, Minnesota
In Erskine, 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 Red Lake 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 Erskine, 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. For instance, the median home price in Erskine is $198,900, with the 25th percentile tax bill at $990 and the 75th percentile tax bill at $1214. The highest median tax bill in the region is $1130 in the 56535 zip code, which also has the lowest median tax bill at the same value. By understanding 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 Erskine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Erskine Assessed Value
$198,900
Average Red Lake County Assessed Value
$138,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Erskine, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56535 | $163,840 | $188,725 | $198,900 | $217,600 | $283,780 |
Source: Ownwell
Property Tax Bills Across Erskine, Minnesota
In Erskine, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For homeowners in Erskine, the median home price is $198,900. The tax bill is then calculated by applying the local tax rate to the assessed value. Factors such as property size, location, and improvements can influence the assessed value. In Red Lake County, where Erskine is located, the tax bills vary significantly. For instance, the 25th percentile tax bill is $990, while the 75th percentile tax bill reaches $1,214, and the 90th percentile tax bill is $1,297. These property taxes fund essential public services, including schools, infrastructure, and emergency services. For homeowners, understanding how these taxes are calculated can help in budgeting and financial planning. Compared to the national median property tax rate of 0.99%, Erskine’s rates provide a benchmark for evaluating local property tax expenses.
Average Erskine Tax Bill
$1,130
Average Red Lake County Tax Bill
$1,274
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Erskine, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56535 | $864 | $990 | $1,130 | $1,214 | $1,297 |
Source: Ownwell