Russell, Minnesota Property Taxes
The median property tax rate in Russell, MN is 1.05%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Russell at $111,100, the typical annual property tax bill is approximately $1,126, which is below the national median of $2,690. Property taxes in Russell are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Russell'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 Russell 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
Russell, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,167
Ownwell’s Russell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russell 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 Russell, Minnesota
Property taxes in Russell, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russell is 1.05%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Russell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russell 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 Russell's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56169 zip code has both the highest and lowest median property tax rate of 1.05%. Understanding how these cities compare with Russell provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Russell Tax Rate
1.05%
Average Lyon County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56169 | 0.59% | 0.81% | 1.05% | 1.38% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Russell, Minnesota
In Russell, 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 Lyon 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 Russell, 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. The median home price in Russell is $111,100, with tax bills ranging from $594 at the 25th percentile to $2,644 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Russell Assessed Value
$111,100
Average Lyon County Assessed Value
$158,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Russell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56169 | $6,600 | $57,900 | $111,100 | $206,200 | $320,900 |
Source: Ownwell
Property Tax Bills Across Russell, Minnesota
In Russell, located in Lyon 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 Russell is $111,100, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and any applicable exemptions also play a role in the final tax amount. Homeowners in Russell can expect a range of property tax bills, with the 25th percentile at $594, the 75th percentile at $1854, and the 90th percentile reaching up to $2644. This variation reflects differences in property values and exemptions among homeowners. Compared to the national median property tax rate of 0.99%, Russell's property taxes can be relatively moderate depending on the specific assessed value and exemptions applied. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Russell Tax Bill
$1,126
Average Lyon County Tax Bill
$1,794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Russell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56169 | $88 | $594 | $1,126 | $1,854 | $2,644 |
Source: Ownwell