Truman, Minnesota Property Taxes
The median property tax rate in Truman, MN is 0.60%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Truman at $303,800, the typical annual property tax bill reaches $2,102, which is below the national median of $2,690. Property taxes in Truman 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 Truman'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 Truman 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
Truman, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,823
Ownwell’s Truman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Truman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Truman 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 Truman, Minnesota
Property taxes in Truman, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Truman is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Truman set these rates annually, and they can vary across different neighborhoods. Each year, Truman 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 Truman's effective property tax rate to other areas and the national median. For comparison, the 56088 zip code has the highest median property tax rate of 0.60%, while the lowest median tax rate is also 0.60% in the same zip code. Understanding how these cities compare with Truman provides valuable insights into the varying tax landscape across Watonwan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Truman Tax Rate
0.60%
Average Watonwan County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Truman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56088 | 0.26% | 0.43% | 0.60% | 0.80% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Truman, Minnesota
In Truman, 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 Watonwan 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 Truman, 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 Truman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, zip code 56088 has the same median tax bill of $2,102 for both the highest and lowest ranges.
Average Truman Assessed Value
$303,800
Average Watonwan County Assessed Value
$150,750
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Truman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56088 | $126,300 | $196,000 | $303,800 | $547,800 | $1,270,800 |
Source: Ownwell
Property Tax Bills Across Truman, Minnesota
In Truman, located in Watonwan County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Truman can expect their tax bills to vary significantly, with the 25th percentile tax bill being $1,326 and the 75th percentile reaching $3,058. At the 90th percentile, tax bills can be as high as $3,994. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. With the national median property tax rate at 0.99%, Truman's property taxes can be a substantial financial consideration for homeowners. The highest and lowest median tax bills in the area both stand at $2,102, indicating consistent property tax rates within the zip code 56088. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Truman Tax Bill
$2,102
Average Watonwan County Tax Bill
$1,480
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Truman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56088 | $658 | $1,326 | $2,102 | $3,058 | $3,994 |
Source: Ownwell