Olivia, Minnesota Property Taxes
The median property tax rate in Olivia, MN is 1.76%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Olivia, the typical annual property tax bill reaches $2,645, slightly below the national median of $2,690. Property taxes in Olivia 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 Olivia'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 Olivia 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
Olivia, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$2,644
Ownwell’s Olivia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olivia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olivia 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 Olivia, Minnesota
Property taxes in Olivia, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olivia is 1.76%, significantly higher than the U.S. national median of 0.99%. Local government entities within Olivia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olivia 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 Olivia's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56277 has the highest median property tax rate of 1.76%, while the same zip code also has the lowest median tax rate of 1.76%. Understanding how these cities compare with Olivia provides valuable insights into the varying tax landscape across Kandiyohi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olivia Tax Rate
1.76%
Average Kandiyohi County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olivia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56277 | 1.76% | 1.76% | 1.76% | 1.76% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Olivia, Minnesota
In Olivia, 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 Kandiyohi 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 Olivia, 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. Being aware of these valuation processes in Olivia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Olivia are both $2,645, with zip code 56277.
Average Olivia Assessed Value
$150,200
Average Kandiyohi County Assessed Value
$222,850
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olivia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56277 | $150,200 | $150,200 | $150,200 | $150,200 | $150,200 |
Source: Ownwell
Property Tax Bills Across Olivia, Minnesota
In Olivia, 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 estimated market value of the property. Once the assessed value is established, the local property tax rate is applied to calculate the annual tax bill. For Olivia, located in Kandiyohi County, the median home price is $150,200. Homeowners in Olivia face a consistent property tax bill, with the 25th, 75th, and 90th percentiles all reporting $2,645. This figure is notably higher than the national median property tax rate of 0.99%. Factors such as local government budgets, school district funding, and public services contribute to the overall tax rate, impacting how much homeowners owe each year. Understanding these factors helps homeowners anticipate their tax obligations and budget accordingly, ensuring they are prepared for their annual property tax payments.
Average Olivia Tax Bill
$2,645
Average Kandiyohi County Tax Bill
$2,360
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Olivia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56277 | $2,645 | $2,645 | $2,645 | $2,645 | $2,645 |
Source: Ownwell