Leonard, Minnesota Property Taxes
The median property tax rate in Leonard, MN is 0.62%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $144,400 in Leonard, the typical annual property tax bill amounts to $838, significantly below the national median of $2,690. Property taxes in Leonard are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Leonard's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Leonard or another part of Clearwater County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Leonard, 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 Leonard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leonard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leonard 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 Leonard, Minnesota
Property taxes in Leonard, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leonard is 0.62%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Leonard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leonard 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 Leonard's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56652 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Leonard provides valuable insights into the varying tax landscape across Clearwater County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leonard Tax Rate
0.62%
Average Clearwater County Tax Rate
0.60%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leonard, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56652 | 0.48% | 0.56% | 0.62% | 0.66% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Leonard, Minnesota
In Leonard, 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 Clearwater 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 Leonard, 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 Leonard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Leonard is $144,400. The tax bill at the 25th percentile is $422, while the 75th percentile tax bill is $1,292. The highest and lowest median tax bills are both $838, found in zip code 56652.
Average Leonard Assessed Value
$144,400
Average Clearwater County Assessed Value
$127,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leonard, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56652 | $30,920 | $82,400 | $144,400 | $216,300 | $312,760 |
Source: Ownwell
Property Tax Bills Across Leonard, Minnesota
In Leonard, Clearwater County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in Leonard is $144,400. Property taxes are determined by multiplying the assessed value by the local tax rate, which varies by jurisdiction. Factors such as market value, property condition, and any applicable exemptions or deductions are considered in the assessment process. For homeowners in Leonard, the tax bill can vary significantly. The 25th percentile tax bill is $422, while the 75th percentile reaches $1,292, and the 90th percentile can be as high as $1,804. These variations highlight how different property values and assessment outcomes can impact the final tax bill. Compared to the national median property tax rate of 0.99%, Leonard's property tax rates can significantly affect homeowners' financial planning and budgeting. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and manage their finances effectively.
Average Leonard Tax Bill
$838
Average Clearwater County Tax Bill
$812
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Leonard, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56652 | $152 | $422 | $838 | $1,292 | $1,804 |
Source: Ownwell