Osakis, Minnesota Property Taxes
The median property tax rate in Osakis, 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 Osakis at $253,100, the typical annual property tax bill amounts to $2,035, falling below the national median of $2,690. Property taxes in Osakis 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 Osakis'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 Osakis or another part of Todd County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Osakis, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$2,202
Ownwell’s Osakis Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Osakis using just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Osakis to project your property tax bill. This valuable tool provides clarity on potential tax liabilities. For those curious about neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by Todd County for tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Osakis, Minnesota
Property taxes in Osakis, Minnesota, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Osakis stands at 1.13%, which is higher than both the Minnesota state median of 1.00% and the U.S. national median of 0.99%. Local government entities within Osakis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osakis 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 Osakis's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56360 zip code has the same median property tax rate of 1.13%. Understanding how these areas compare with Osakis provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Osakis Tax Rate
0.87%
Average Todd County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osakis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56360 | 0.58% | 0.81% | 0.87% | 0.97% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Osakis, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Osakis, 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 Todd County Assessor 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 Osakis, 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 example, the median home price in Osakis is $253,100, with tax bills ranging from $938 at the 25th percentile to $4,471 at the 90th percentile. The highest and lowest median tax bills are both $2,035, found in the zip code 56360. 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 their tax burden.
Average Osakis Assessed Value
$253,100
Average Todd County Assessed Value
$198,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Osakis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56360 | $35,080 | $110,025 | $253,100 | $388,025 | $532,380 |
Source: Ownwell
Property Tax Bills Across Osakis, Minnesota
In Osakis, Todd County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Osakis is $253,100, and the property tax rate is applied to this value to estimate the tax bill. Homeowners in Osakis experience a range of tax bills. For instance, those at the 25th percentile pay around $938 annually, while those at the 75th percentile pay approximately $3,162. At the 90th percentile, the tax bill can reach up to $4,471. These figures indicate significant variation in tax bills, reflecting differences in property values and specific local tax rates. Compared to the national median property tax rate of 0.99%, Osakis homeowners might find their tax rates either higher or lower, impacting their overall financial planning. Understanding these factors helps homeowners anticipate their annual tax liabilities and manage their budgets more effectively.
Average Osakis Tax Bill
$2,035
Average Todd County Tax Bill
$1,544
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Osakis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56360 | $325 | $938 | $2,035 | $3,162 | $4,471 |
Source: Ownwell