Elk River, Sherburne County, Minnesota Property Taxes

Name: Property Tax Bills Across Elk River, Sherburne County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Elk River, MN effective property tax rate: 1.20%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Elk River, MN home value: $373,300
Median annual Elk River, MN tax bill: $4,458, $2,058 higher than the national median property tax bill of $2,400.

How are property taxes in Sherburne County calculated?

Property taxes in Elk River, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Elk River’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Elk River, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Elk River, Sherburne County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.2%

Estimate Property Tax Bill

$4,480

$4,157

Ownwell’s Elk River Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elk River with just two data points. By entering your property's estimated assessed value, our calculator applies Elk River’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Sherburne County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Elk River, Sherburne County, Minnesota

Local government entities determine tax rates, which can vary significantly within a state. This is because each county estimates its necessary budget to provide services annually and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the annual process in a nutshell. In Elk River, located in Sherburne County, the effective property tax rate is a reflection of these calculations. When comparing Elk River's rate to other cities in Minnesota, it's interesting to note that it aligns with the highest and lowest median tax rates in the state, both of which are 1.20%. This is higher than the national median property tax rate of 1.02%, indicating that property owners in Elk River might be dealing with slightly higher tax bills compared to the national average. Understanding these rates can help property owners make informed decisions about their financial planning and potential tax appeals.

Property Tax Rates Across Elk River, Sherburne County, Minnesota

Source: Ownwell

0.78%

0.99%

1.20%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Elk River Tax Rate

1.20%

Median Effective Sherburne County Tax Rate

1.08%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Elk River, Sherburne County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55330	1.04%	1.12%	1.20%	1.28%	1.34%

Source: Ownwell

Property Tax Assessment Values Across Elk River, Sherburne County, Minnesota

When examining property taxes in Elk River, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Sherburne County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Sherburne County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Elk River. For example, the median home price in Elk River is $373,300, with tax bills ranging significantly across the county. 55330 has the highest median home price at $373,300.

Property Tax Assessment Values Across Elk River, Sherburne County, Minnesota

Source: Ownwell

$247,950

$310,625

$373,300

Median Elk River Market Value

$373,300

Median Sherburne County Market Value

$345,300

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Elk River, Sherburne County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55330	$235,260	$299,200	$373,300	$461,800	$535,500

Source: Ownwell

Property Tax Bills Across Elk River, Sherburne County, Minnesota

In Elk River, located in Sherburne County, MN, property tax bills are determined by assessing the property’s market value and applying the county’s tax rate. The median home price in Elk River is $373,300, which influences the overall tax bill. Homeowners in this area can expect a median tax bill of $4,458, significantly higher than the national median of $2,400. Factors such as property improvements and local levies also play a role in determining the final tax bill. The bills range from $3,518 at the 25th percentile to $6,510 at the 90th percentile, reflecting the variation in property values and tax rates within the region. Ownwell offers valuable assistance to homeowners by providing expert property tax appeal and exemption services. This can help reduce tax liabilities, ensuring homeowners are not overpaying. By analyzing property assessments and identifying potential savings, Ownwell can help Elk River residents lower their tax bills, providing financial relief and maximizing their property investment.

Property Tax Bills Across Elk River, Sherburne County, Minnesota

Source: Ownwell

$2,472

$3,465

$4,458

Median Elk River Tax Bill

$4,458

Median Sherburne County Tax Bill

$3,686

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Elk River, Sherburne County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55330	$2,842	$3,518	$4,458	$5,584	$6,510

Source: Ownwell