Elk River, Wright County, Minnesota Property Taxes

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

Median Elk River, MN effective property tax rate: 1.05%, slightly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Elk River, MN home value: $398,100
Median annual Elk River, MN tax bill: $4,112, $1,712 higher than the national median property tax bill of $2,400.

How are property taxes in Wright 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, Wright County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.05%

Estimate Property Tax Bill

$4,180

$3,879

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 Wright County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Elk River, Wright County, Minnesota

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Elk River’s effective property tax rate to other cities in Minnesota and the median property tax rates in Minnesota and the U.S. Elk River, located in Wright County, has a median property tax rate of 1.05%, which is slightly above the national median of 1.02%. This rate reflects the county's budgetary needs and the total value of taxable properties. Interestingly, Elk River's rate is consistent across the board, with no variation between the highest and lowest rates in the area. When compared nationally, the property tax bill in Elk River might seem slightly higher than the national median of $2400, but it aligns closely with Minnesota's state average.

Property Tax Rates Across Elk River, Wright County, Minnesota

Source: Ownwell

0.68%

0.91%

1.13%

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

1.05%

Median Effective Wright County Tax Rate

1.04%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Elk River, Wright County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
55330	0.91%	1.02%	1.05%	1.07%	1.11%

Source: Ownwell

Property Tax Assessment Values Across Elk River, Wright 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 Wright County Assessor's Office 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.

In Wright 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 $398,100, with tax bills ranging significantly across the county. Zip code 55330 has the highest median home price at $398,100.

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

Source: Ownwell

$271,300

$421,175

$571,050

Median Elk River Market Value

$398,100

Median Wright County Market Value

$352,100

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

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

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
55330	$200,900	$294,200	$398,100	$483,200	$555,980

Source: Ownwell

Property Tax Bills Across Elk River, Wright County, Minnesota

In Elk River, 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 Wright County Assessor's office, which evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Elk River, the median property tax bill is notably higher than the national median of $2,400, with a median bill of $4,112. Homeowners in the 25th percentile pay around $2,950, while those in the 75th percentile face bills up to $5,035. Homeowners at the 90th percentile can encounter tax bills as high as $5,741. Such significant tax bills can place a financial burden on homeowners, making it crucial to explore potential savings. Ownwell assists homeowners in Elk River by identifying discrepancies in assessed values and filing appeals to ensure fair taxation. This service can lead to substantial savings, easing the financial strain on property owners.

Property Tax Bills Across Elk River, Wright County, Minnesota

Source: Ownwell

$2,768

$4,012

$5,255

Median Elk River Tax Bill

$4,112

Median Wright County Tax Bill

$3,554

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Elk River, Wright County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
55330	$1,985	$2,950	$4,112	$5,035	$5,741

Source: Ownwell