Randall, Minnesota Property Taxes
The median property tax rate in Randall, MN is 0.78%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Randall, the typical annual property tax bill amounts to $308, significantly below the national median of $2,690. Property taxes in Randall are based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Randall's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Randall or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Randall, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$366
Ownwell’s Randall Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Randall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Randall to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Randall, Minnesota
Property taxes in Randall, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Randall is 1.15%, significantly higher than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Randall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Randall 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 Randall's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56475 zip code has the highest median property tax rate of 1.15%, while the same 56475 zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Randall provides valuable insights into the varying tax landscape across Morrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Randall Tax Rate
0.78%
Average Morrison County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Randall, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56475 | 0.48% | 0.69% | 0.78% | 0.81% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Randall, Minnesota
In Randall, 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 Morrison 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 Randall, 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 Randall helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 56475, with a median tax bill of $308, which is also the lowest median tax bill in the area.
Average Randall Assessed Value
$46,900
Average Morrison County Assessed Value
$210,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Randall, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56475 | $2,680 | $4,000 | $46,900 | $196,150 | $324,200 |
Source: Ownwell
Property Tax Bills Across Randall, Minnesota
In Randall, MN, property tax bills are calculated based on the assessed value of your home. The local tax assessor determines this value, which is then used to calculate your property tax bill. Factors such as the size, location, and condition of your property, along with recent sales of similar properties in the area, are considered in the assessment process. For homeowners in Randall, the median home price is $46,900. The property tax rate in Randall can lead to a wide range of tax bills. For instance, the 25th percentile tax bill is as low as $32, while the 75th percentile tax bill reaches $1,362. At the 90th percentile, homeowners could see a tax bill as high as $2,144. These property taxes play a significant role in funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, understanding how your property tax bill is determined can help you better manage your financial planning and ensure you are paying a fair amount.
Average Randall Tax Bill
$308
Average Morrison County Tax Bill
$1,722
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Randall, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56475 | $22 | $32 | $308 | $1,362 | $2,144 |
Source: Ownwell