Verdi, Minnesota Property Taxes
The median property tax rate in Verdi, MN is 0.42%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $203,050 in Verdi, the typical annual property tax bill is $966, well below the national median of $2,690. Property taxes in Verdi are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Verdi'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 Verdi or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Verdi, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$853
Ownwell’s Verdi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Verdi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Verdi 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 Verdi, Minnesota
Property taxes in Verdi, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verdi is 0.42%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Verdi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verdi 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 Verdi's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56164 zip code has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Verdi 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 Verdi Tax Rate
0.42%
Average Lincoln County Tax Rate
0.54%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verdi, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56164 | 0.17% | 0.26% | 0.42% | 0.85% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Verdi, Minnesota
In Verdi, 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 Verdi, 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. For example, the median home price in Verdi is $203,050, with tax bills ranging from the 25th percentile at $162 to the 90th percentile at $3,739. The highest median tax bill is $966 in the 56164 zip code, which also happens to have the lowest median tax bill at the same value. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Verdi Assessed Value
$203,050
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 Verdi, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56164 | $7,870 | $30,175 | $203,050 | $753,325 | $1,506,280 |
Source: Ownwell
Property Tax Bills Across Verdi, Minnesota
In Verdi, located in Lincoln County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as the property's market value, improvements, and location within the county influence this assessed value. Homeowners in Verdi experience a range of property tax bills, with the 25th percentile paying around $162 annually, while those in the 75th percentile face bills closer to $2,156. At the 90th percentile, tax bills can soar to approximately $3,739. The median home price in Verdi is $203,050, which can help provide a rough estimate of what homeowners might expect to pay. Compared to the national median property tax rate of 0.99%, Verdi's tax rates can vary significantly, impacting homeowners differently based on their property's assessed value. Such variability underscores the importance of understanding local tax assessments and their implications on household finances.
Average Verdi Tax Bill
$966
Average Lincoln County Tax Bill
$1,300
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Verdi, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56164 | $98 | $162 | $966 | $2,156 | $3,739 |
Source: Ownwell