Cleveland, Minnesota Property Taxes
The median property tax rate in Cleveland, MN is 1.02%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Cleveland at $310,300, the typical annual property tax bill reaches $3,194, surpassing the national median of $2,690. Property taxes in Cleveland 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 Cleveland'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 Cleveland 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
Cleveland, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$3,165
Ownwell’s Cleveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cleveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cleveland 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 Cleveland, Minnesota
Property taxes in Cleveland, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cleveland is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Cleveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleveland 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 Cleveland's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56017 has both the highest and lowest median property tax rate of 1.02%. Understanding how these cities compare with Cleveland provides valuable insights into the varying tax landscape across Le Sueur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cleveland Tax Rate
1.02%
Average Le Sueur County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleveland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56017 | 0.79% | 0.90% | 1.02% | 1.33% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Cleveland, Minnesota
In Cleveland, 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 Le Sueur 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 Cleveland, 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. In Cleveland, the zip code 56017 has the highest median tax bill of $3,194, while the lowest median tax bill is also $3,194. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cleveland Assessed Value
$310,300
Average Le Sueur County Assessed Value
$290,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cleveland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56017 | $158,100 | $211,900 | $310,300 | $454,100 | $625,100 |
Source: Ownwell
Property Tax Bills Across Cleveland, Minnesota
Property tax bills in Cleveland, Le Sueur County, MN, are determined based on the assessed value of a property combined with the local tax rate. The median home price in Cleveland is $310,300, and property taxes are calculated by multiplying this assessed value by the local tax rate, which can vary within the county. For example, tax bills in Cleveland range significantly, with the 25th percentile at $2,474 and the 75th percentile reaching $4,614. The highest tax bills in the area can go up to $6,228, placing a substantial financial responsibility on homeowners. Various factors influence the assessed value, including the property's market value, location, and any improvements made. Comparatively, the national median property tax rate is 0.99%, and Cleveland's property tax rates can be higher or lower depending on specific local conditions. Homeowners in Cleveland need to be aware of these factors as they directly impact their annual tax bills, affecting overall housing costs and financial planning.
Average Cleveland Tax Bill
$3,194
Average Le Sueur County Tax Bill
$3,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleveland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56017 | $1,512 | $2,474 | $3,194 | $4,614 | $6,228 |
Source: Ownwell