Ruthton, Minnesota Property Taxes
The median property tax rate in Ruthton, MN is 0.27%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $374,750 in Ruthton, the typical annual property tax bill amounts to $1,204, well below the national median of $2,690. Property taxes in Ruthton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. 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 Murray County, understanding 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
$1,500,000
$3,000,000
Average Tax Rate
0.27%
Estimate Property Tax Bill
$1,012
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ruthton is 0.27%, significantly lower than both the Minnesota state median of 0.99% 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, the zip code with the highest median property tax rate in Murray County has a rate of 1.25%, while the zip code with the lowest median tax rate has a rate of 0.15%. Understanding how these cities compare with Ruthton provides valuable insights into the varying tax landscape across Murray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ruthton Tax Rate
0.27%
Average Murray County Tax Rate
0.81%
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 | 0.11% | 0.15% | 0.27% | 0.51% | 0.62% |
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 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 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. The median home price in Ruthton is $374,750, with tax bills varying widely across the area. For instance, the 25th percentile tax bill is $639, while the 90th percentile tax bill reaches up to $3,802. 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.
Average Ruthton Assessed Value
$374,750
Average Murray County Assessed Value
$177,200
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 | $155,100 | $199,100 | $374,750 | $1,027,175 | $1,618,700 |
Source: Ownwell
Property Tax Bills Across Ruthton, Minnesota
In Ruthton, located in Murray County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Ruthton, the median home price is $374,750. Tax bills can vary significantly; the 25th percentile tax bill is $639, while the 75th percentile tax bill is $2,020. At the higher end, the 90th percentile tax bill reaches up to $3,802. Several factors influence these tax bills, including the home's market value, local tax rates, and any applicable exemptions or deductions. The tax burden on homeowners can vary widely, impacting their overall financial planning. Compared to the national median property tax rate of 0.99%, Ruthton’s property tax rates reflect the local economic conditions and government funding requirements. This variability highlights the importance of understanding local tax policies and potential opportunities for appealing or reducing tax burdens.
Average Ruthton Tax Bill
$1,204
Average Murray County Tax Bill
$1,236
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 | $431 | $639 | $1,204 | $2,020 | $3,802 |
Source: Ownwell