Le Roy, Minnesota Property Taxes
The median property tax rate in Le Roy, MN is 0.55%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Le Roy at $311,700, the typical annual property tax bill amounts to $1,716, well below the national median of $2,690. Property taxes in Le Roy are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Le Roy'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 Le Roy 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
Le Roy, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,714
Ownwell’s Le Roy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Le Roy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Le Roy 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 Le Roy, Minnesota
Property taxes in Le Roy, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Le Roy is 1.13%, higher than both the Minnesota state median of 1.08% and the U.S. national median of 0.99%. Local government entities within Le Roy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Le Roy 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 Le Roy's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in the county is 1.13%, while the lowest median tax rate is also 1.13%. Understanding how these cities compare with Le Roy provides valuable insights into the varying tax landscape across Fillmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Le Roy Tax Rate
0.55%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Le Roy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55951 | 0.18% | 0.28% | 0.55% | 0.84% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Le Roy, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Le Roy, 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 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 Le Roy, 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 Le Roy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fillmore County is $311,700, with tax bills ranging from $1,107 at the 25th percentile to $4,304 at the 90th percentile. The highest and lowest median tax bills are both $1,716 in zip code 55951.
Average Le Roy Assessed Value
$311,700
Average Fillmore County Assessed Value
$193,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Le Roy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55951 | $130,650 | $184,675 | $311,700 | $821,100 | $1,515,300 |
Source: Ownwell
Property Tax Bills Across Le Roy, Minnesota
In Le Roy, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence this process, including the market value of the property, any applicable exemptions, and the specific tax rate set by local taxing authorities. For homeowners in Le Roy, the property tax bill can vary significantly. The 25th percentile tax bill is $1,107, while the 75th percentile tax bill is $2,899, and the 90th percentile tax bill reaches $4,304. This range indicates the variability in property values and tax rates within the area. The highest and lowest median tax bills in the region are both $1,716, suggesting a consistency in tax assessments within certain neighborhoods. Compared to the national median property tax rate of 0.99%, Le Roy's property tax rates can have a substantial impact on homeowners' finances, influencing decisions on property investment and homeownership.
Average Le Roy Tax Bill
$1,716
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Le Roy, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55951 | $788 | $1,107 | $1,716 | $2,899 | $4,304 |
Source: Ownwell