Lowry, Minnesota Property Taxes
The median property tax rate in Lowry, MN is 0.62%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $263,650 in Lowry, the typical annual property tax bill is $1,771, which is well below the national median of $2,690. Property taxes in Lowry are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lowry'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 Lowry or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lowry, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,635
Ownwell’s Lowry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lowry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lowry 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 Lowry, Minnesota
Property taxes in Lowry, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowry is 0.62%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lowry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowry 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 Lowry's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56349 has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Lowry provides valuable insights into the varying tax landscape across Pope County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lowry Tax Rate
0.62%
Average Pope County Tax Rate
0.66%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowry, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56349 | 0.30% | 0.54% | 0.62% | 0.92% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Lowry, Minnesota
In Lowry, 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 Pope 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 Lowry, 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 median home price in Lowry is $263,650, with tax bills ranging from $1,240 at the 25th percentile to $3,507 at the 90th percentile. The zip code 56349 has the highest median tax bill of $1,771, which is also the lowest median tax bill, emphasizing a consistent tax range. By understanding these valuation concepts, 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 Lowry Assessed Value
$263,650
Average Pope County Assessed Value
$275,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lowry, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56349 | $105,660 | $161,250 | $263,650 | $485,900 | $713,880 |
Source: Ownwell
Property Tax Bills Across Lowry, Minnesota
In Lowry, Pope County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Lowry is $263,650, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, leading to variations in tax bills. Homeowners in Lowry can expect their property tax bills to range significantly. At the 25th percentile, tax bills are around $1,240, while they can climb to $2,739 at the 75th percentile and reach $3,507 at the 90th percentile. These figures highlight the variability in tax obligations depending on the property's assessed value and specific characteristics. Compared to the national median property tax rate of 0.99%, Lowry's tax bills are reflective of the local real estate market and municipal budget needs. For homeowners, understanding these factors is crucial for financial planning and anticipating annual property tax expenses.
Average Lowry Tax Bill
$1,771
Average Pope County Tax Bill
$1,948
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowry, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56349 | $830 | $1,240 | $1,771 | $2,739 | $3,507 |
Source: Ownwell