Ruthton, Minnesota Property Taxes
The median property tax rate in Ruthton, MN is 0.39%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $1,060,300 in Ruthton, the typical annual property tax bill is $2,176, which is below the national median of $2,690. Property taxes in Ruthton are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Ruthton'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 Ruthton or another part of Lincoln County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ruthton, 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 Ruthton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ruthton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ruthton 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 Ruthton, Minnesota
Property taxes in Ruthton, Minnesota, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Ruthton is 1.12%, higher than both the Minnesota state median of 1.03% and the U.S. national median of 0.99%. Local government entities within Ruthton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ruthton 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 Ruthton's effective property tax rate to other counties in Minnesota and the national median. For comparison, 55401 has the highest median property tax rate of 1.30%, while 55701 has the lowest median tax rate of 0.85%. Understanding how these cities compare with Ruthton provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ruthton Tax Rate
0.39%
Average Lincoln County Tax Rate
0.54%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ruthton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56170 | 0.21% | 0.23% | 0.39% | 0.51% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Ruthton, Minnesota
In Ruthton, 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 Lincoln 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 Ruthton, 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 Ruthton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56170 has both the highest and lowest median tax bills, each at $2,176.
Average Ruthton Assessed Value
$1,060,300
Average Lincoln County Assessed Value
$232,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ruthton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56170 | $149,540 | $381,050 | $1,060,300 | $1,166,000 | $1,738,000 |
Source: Ownwell
Property Tax Bills Across Ruthton, Minnesota
In Ruthton, located in Lincoln County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the highest median tax bill in Ruthton is $2,176, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Ruthton with properties in the 25th percentile can expect a tax bill around $1,722, while those in the 75th percentile may see bills closer to $3,438. At the 90th percentile, the tax bill can reach up to $4,826. These property taxes fund essential local services such as schools, public safety, and infrastructure, impacting the overall quality of life for residents.
Average Ruthton Tax Bill
$2,176
Average Lincoln County Tax Bill
$1,300
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Ruthton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56170 | $979 | $1,722 | $2,176 | $3,438 | $4,826 |
Source: Ownwell