Le Roy, Minnesota Property Taxes
The median property tax rate in LE ROY, MN is 1.43%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in LE ROY, the typical annual property tax bill reaches $2,216, exceeding the national median of $2,690. Property taxes in LE ROY 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 LE ROY'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 LE ROY 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
Le Roy, 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 LE ROY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LE ROY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LE ROY 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 Le Roy, Minnesota
Property taxes in Le Roy, Minnesota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Le Roy is 1.43%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Le Roy set these rates annually, and they can vary across different neighborhoods. Each year, Le Roy 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 Le Roy's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55951 has the highest and lowest median property tax rate of 1.43%. Understanding how these areas compare with Le Roy provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Le Roy Tax Rate
1.43%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Le Roy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55951 | 0.44% | 1.02% | 1.43% | 1.66% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Le Roy, Minnesota
In Le Roy, 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 Mower 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 Le Roy, 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 Le Roy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Le Roy are both $2016, found in the 55951 zip code.
Average Le Roy Assessed Value
$154,900
Average Mower County Assessed Value
$155,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Le Roy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55951 | $9,900 | $87,000 | $154,900 | $257,200 | $418,040 |
Source: Ownwell
Property Tax Bills Across Le Roy, Minnesota
In Le Roy, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $154,900, homeowners can expect varying tax bills depending on the assessed value and applicable exemptions. Several factors influence the tax bill, including property size, location, and any improvements made to the property. In Le Roy, the 25th percentile tax bill is $994, while the 75th percentile reaches $3,034, and the 90th percentile can be as high as $4,356. This range indicates that homeowners with higher-valued properties or fewer exemptions will face higher tax bills. Compared to the national median property tax rate of 0.99%, the tax rates in Le Roy can significantly impact homeowners, making it crucial for them to understand how their property's assessed value and local tax rates contribute to their annual tax obligations.
Average Le Roy Tax Bill
$2,016
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Le Roy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55951 | $304 | $994 | $2,016 | $3,034 | $4,356 |
Source: Ownwell