Raymond, Minnesota Property Taxes
The median property tax rate in Raymond, MN is 0.94%, slightly lower than the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Raymond at $224,050, the typical annual property tax bill is $2,029, which is below the national median of $2,690. Property taxes in Raymond are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Raymond'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 Raymond 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
Raymond, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$2,106
Ownwell’s Raymond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raymond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raymond 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 Raymond, Minnesota
Property taxes in Raymond, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raymond is 0.94%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Raymond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raymond 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 Raymond's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56282 has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Raymond provides valuable insights into the varying tax landscape across Chippewa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raymond Tax Rate
0.94%
Average Chippewa County Tax Rate
1.23%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raymond, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56282 | 0.66% | 0.84% | 0.94% | 1.00% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Raymond, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Raymond, Minnesota. 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 Chippewa 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 Raymond, 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. For instance, the highest median tax bill in Raymond is $2029 in the 56282 zip code, while the lowest median tax bill is also $2029 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Raymond Assessed Value
$224,050
Average Chippewa County Assessed Value
$136,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Raymond, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56282 | $87,930 | $140,150 | $224,050 | $320,375 | $384,460 |
Source: Ownwell
Property Tax Bills Across Raymond, Minnesota
In Raymond, located in Chippewa County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, if a home has a median market value of $224,050, the property tax rate is applied to this value to calculate the tax bill. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Raymond can expect tax bills that vary significantly. The 25th percentile tax bill is around $1,150, while the 75th percentile reaches approximately $3,002. At the 90th percentile, tax bills can be as high as $4,029. These property taxes contribute to funding local services like schools, roads, and emergency services. Compared to the national median property tax rate of 0.99%, Raymond's property tax bills reflect the unique economic and community considerations of the area.
Average Raymond Tax Bill
$2,029
Average Chippewa County Tax Bill
$1,622
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Raymond, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56282 | $800 | $1,150 | $2,029 | $3,002 | $4,029 |
Source: Ownwell