Loman, Minnesota Property Taxes
The median property tax rate in Loman, MN is 0.58%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Loman at $89,800, the typical annual property tax bill amounts to $465, well below the national median of $2,690. Property taxes in Loman are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Loman'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 Loman or another part of Koochiching County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Loman, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$521
Ownwell’s Loman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loman 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 Loman, Minnesota
Property taxes in Loman, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loman is 0.58%, which is lower than the Minnesota state median and significantly below the U.S. national median of 0.99%. Local government entities within Loman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loman 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 Loman's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56654 has both the highest and the lowest median property tax rate of 0.58%. Understanding how these rates compare with Loman provides valuable insights into the varying tax landscape across Koochiching County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loman Tax Rate
0.58%
Average Koochiching County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56654 | 0.42% | 0.51% | 0.58% | 0.64% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Loman, Minnesota
In Loman, 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 Koochiching County Assessor's Office 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 Loman, 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 Loman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $465, specifically in the 56654 zip code.
Average Loman Assessed Value
$89,800
Average Koochiching County Assessed Value
$92,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56654 | $30,100 | $55,950 | $89,800 | $141,500 | $192,300 |
Source: Ownwell
Property Tax Bills Across Loman, Minnesota
In Loman, located in Koochiching County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in this region is $89,800, and property taxes are determined by multiplying the assessed value by the local tax rate. This calculation is influenced by factors such as property size, location, and any applicable exemptions. Homeowners in Loman can expect their property tax bills to vary within a range. The 25th percentile tax bill stands at $306, while the 75th percentile reaches $716. For those at the 90th percentile, the tax bill can go up to $1,016. The median tax bill in this region is $465, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how these factors come together in determining property tax bills can help homeowners in Loman better anticipate and manage their annual expenses.
Average Loman Tax Bill
$465
Average Koochiching County Tax Bill
$689
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Loman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56654 | $178 | $306 | $465 | $716 | $1,016 |
Source: Ownwell