Raymond, Minnesota Property Taxes
The median property tax rate in Raymond, MN is 1.45%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Raymond, the typical annual property tax bill reaches $2,254, which is below the national median of $2,690. Property taxes in Raymond are calculated based on the tax assessed value, typically falling below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Raymond'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 Raymond 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
Raymond, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Raymond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raymond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raymond 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 Raymond, Minnesota
Property taxes in Raymond, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raymond is 1.45%, significantly higher than the U.S. national median of 0.99%. Local government entities within Raymond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raymond 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 Raymond's effective property tax rate to other areas and the national median. For comparison, the zip code 56282 has the highest median property tax rate of 1.45%, while the same zip code also has the lowest median tax rate of 1.45%. Understanding how these cities compare with Raymond 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 Raymond Tax Rate
1.45%
Average Kandiyohi County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raymond, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56282 | 0.45% | 1.00% | 1.45% | 1.64% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Raymond, Minnesota
In Raymond, Minnesota, understanding the difference between "market value" and "assessed value" is essential 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 Raymond, 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. The median home price in Raymond is $159,650, with tax bills ranging from the 25th percentile at $1,482 to the 90th percentile at $4,466. The highest and lowest median tax bills are both $2,254 in zip code 56282. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage their tax burden.
Average Raymond Assessed Value
$159,650
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 Raymond, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56282 | $77,900 | $109,700 | $159,650 | $261,900 | $507,880 |
Source: Ownwell
Property Tax Bills Across Raymond, Minnesota
In Raymond, located in Kandiyohi County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Raymond is $159,650, which forms the basis for determining the tax bill. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, homeowners in Raymond may see tax bills ranging from $1,482 at the 25th percentile to $4,466 at the 90th percentile. The highest and lowest median tax bills in the area are both reported at $2,254, indicating a relatively consistent tax rate across different properties. For homeowners, understanding these factors is crucial, as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, Raymond's rates offer a competitive yet consistent approach, ensuring that residents contribute fairly to community services and infrastructure.
Average Raymond Tax Bill
$2,254
Average Kandiyohi County Tax Bill
$2,360
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Raymond, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56282 | $984 | $1,482 | $2,254 | $3,032 | $4,466 |
Source: Ownwell