Revere, Minnesota Property Taxes
The median property tax rate in Revere, MN is 1.80%, significantly higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Revere at $55,900, the typical annual property tax bill amounts to $1,002, surpassing the national median of $2,690. Property taxes in Revere 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 Revere'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 Revere 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
Revere, 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 Revere Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Revere with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Revere 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 Revere, Minnesota
Property taxes in Revere, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Revere is 1.80%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Revere set these rates annually, and they can vary significantly across different neighborhoods. Each year, Revere 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 Revere's effective property tax rate to other areas in Minnesota and the national median. For comparison, the 56166 zip code has the highest median property tax rate of 1.80%, while the same zip code also has the lowest median tax rate of 1.80%. Understanding how these areas compare with Revere provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Revere Tax Rate
1.80%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Revere, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56166 | 0.46% | 0.75% | 1.80% | 2.76% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Revere, Minnesota
In Revere, 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 Redwood 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 Revere, 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 Revere is $55,900, with tax bills ranging from $460 at the 25th percentile to $2,473 at the 90th percentile. The highest and lowest median tax bills are both $1,002 in the 56166 zip code. 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 Revere helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Revere Assessed Value
$55,900
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Revere, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56166 | $4,760 | $20,700 | $55,900 | $228,600 | $339,260 |
Source: Ownwell
Property Tax Bills Across Revere, Minnesota
Property tax bills in Revere, located in Redwood County, MN, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For instance, with a median home price of $55,900, homeowners can expect their property tax bill to vary significantly. The tax bill at the 25th percentile is around $460, while at the 75th percentile, it rises to approximately $1,732. At the higher end, the 90th percentile tax bill can reach up to $2,473. These figures are influenced by multiple factors, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the rates in Revere can seem relatively high, impacting homeowners by adding a substantial annual expense. This makes understanding and managing property tax bills crucial for financial planning and long-term homeownership in the area.
Average Revere Tax Bill
$1,002
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Revere, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56166 | $241 | $460 | $1,002 | $1,732 | $2,473 |
Source: Ownwell