Luverne, Minnesota Property Taxes
The median property tax rate in Luverne, MN is 1.00%, which is slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $182,400 in Luverne, the typical annual property tax bill amounts to $1,669, falling below the national median of $2,690. Property taxes in Luverne are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Luverne’s property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Luverne or another part of the city, gaining a solid grasp of the local property tax system will be beneficial.
Last Updated June 14, 2024
Luverne, 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 Luverne Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Luverne with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Luverne to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Luverne, Minnesota
Property taxes in Luverne, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luverne is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Luverne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luverne 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 Luverne's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56156 has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Luverne provides valuable insights into the varying tax landscape across Rock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luverne Tax Rate
1.00%
Average Rock County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luverne, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56156 | 0.58% | 0.87% | 1.00% | 1.09% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Luverne, Minnesota
In Luverne, 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 Rock County Assessor 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 Luverne, 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 Luverne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 56156, with a median tax bill of $1,669.
Average Luverne Assessed Value
$182,400
Average Rock County Assessed Value
$166,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luverne, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56156 | $54,440 | $113,825 | $182,400 | $267,175 | $366,850 |
Source: Ownwell
Property Tax Bills Across Luverne, Minnesota
In Luverne, Rock County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. For example, the median home price in Luverne is $182,400, and tax bills can vary widely depending on the property’s assessed value and the specific tax rate applied. Homeowners in Luverne can expect their property tax bills to range significantly. For instance, the 25th percentile tax bill is $1,028, while the 75th percentile reaches $2,523, and the 90th percentile climbs to $3,610. The median tax bill in the area is $1,669. These figures highlight how property taxes can impact homeowners differently, depending on the value of their property and local tax rates. Comparatively, the national median property tax rate is 0.99%, illustrating that Luverne’s property tax rates can vary but are generally in line with national trends.
Average Luverne Tax Bill
$1,669
Average Rock County Tax Bill
$1,430
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Luverne, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56156 | $418 | $1,028 | $1,669 | $2,523 | $3,610 |
Source: Ownwell