Renville, Minnesota Property Taxes
The median property tax rate in Renville, MN is 1.52%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Renville at $137,500, the typical annual property tax bill reaches $1,609, exceeding the national median of $2,690. Property taxes in Renville 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 Renville'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 Renville 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
Renville, 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 Renville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Renville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Renville 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 Renville, Minnesota
Property taxes in Renville, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Renville is 1.52%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Renville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Renville 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 Renville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56284 zip code has the highest median property tax rate of 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with Renville provides valuable insights into the varying tax landscape across Renville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Renville Tax Rate
1.52%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Renville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56284 | 0.36% | 0.79% | 1.52% | 1.92% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Renville, Minnesota
In Renville, 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 local 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 Renville, 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 Renville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $137,500, with tax bills ranging from $874 at the 25th percentile to $4,012 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 56284, with a median tax bill of $1,609.
Average Renville Assessed Value
$137,500
Average Renville County Assessed Value
$142,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Renville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56284 | $23,200 | $64,400 | $137,500 | $227,800 | $531,000 |
Source: Ownwell
Property Tax Bills Across Renville, Minnesota
In Renville, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Renville stands at $137,500. Property taxes are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. The median property tax bill in Renville is $1,609, which is higher than the national median property tax rate of 0.99%. Homeowners in Renville can expect a wide range of tax bills. At the 25th percentile, tax bills are around $874, while at the 75th percentile, they rise to $2,711. For those at the 90th percentile, tax bills can reach up to $4,012. These variations can significantly impact homeowners' financial planning. Higher property taxes may result in increased monthly mortgage payments for those with escrow accounts, while lower taxes can provide some financial relief. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Renville Tax Bill
$1,609
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Renville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56284 | $366 | $874 | $1,609 | $2,711 | $4,012 |
Source: Ownwell