Richville, Minnesota Property Taxes
The median property tax rate in Richville, MN is 0.66%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Richville at $241,000, the typical annual property tax bill is $1,559, which is well below the national median of $2,690. Property taxes in Richville are calculated based on the assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Grasping Richville'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 Richville or another part of Otter Tail County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richville, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,591
Ownwell’s RICHVILLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RICHVILLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RICHVILLE 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 Richville, Minnesota
Property taxes in Richville, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richville is 0.66%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Richville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richville 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 Richville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56576 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Richville provides valuable insights into the varying tax landscape across Otter Tail County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richville Tax Rate
0.66%
Average Otter Tail County Tax Rate
0.74%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56576 | 0.53% | 0.60% | 0.66% | 0.74% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Richville, Minnesota
In Richville, 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 Otter Tail 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 Richville, 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 instance, the highest median tax bill in Richville is $1,559 in the zip code 56576. 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 Richville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richville Assessed Value
$241,000
Average Otter Tail County Assessed Value
$204,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56576 | $26,260 | $86,550 | $241,000 | $425,850 | $675,960 |
Source: Ownwell
Property Tax Bills Across Richville, Minnesota
In Richville, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the Otter Tail County Assessor's Office. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors influencing the assessed value include the property's market value, location, and any improvements or renovations made. For homeowners in Richville, the tax bill can vary significantly. The median home price in the area is $241,000, with tax bills ranging from $545 at the 25th percentile to $4,597 at the 90th percentile. This wide range highlights how different factors can affect individual tax bills. The highest median tax bill in the region is $1,559, which is below the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses. It's essential to stay informed about property assessments and local tax rates to anticipate potential changes in tax bills.
Average Richville Tax Bill
$1,559
Average Otter Tail County Tax Bill
$1,674
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Richville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56576 | $162 | $545 | $1,559 | $2,849 | $4,597 |
Source: Ownwell