Renville, Minnesota Property Taxes
The median property tax rate in Renville, MN is 0.67%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Renville, the typical annual property tax bill is $1,100, which is well below the national median of $2,690. Property taxes in Renville 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 Renville'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 Renville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Renville, 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 Renville Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Renville with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Renville to provide an accurate estimate of your property tax bill. This user-friendly tool helps you understand potential tax liabilities and make informed financial decisions. For those interested in trends at a neighborhood level, you can explore more localized information by scrolling down. Your property’s assessed value, determined by the county, is crucial for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Renville, Minnesota
Property taxes in Renville, Minnesota, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Renville is 0.67%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Renville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Renville 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 Renville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56284 zip code has both the highest and lowest median property tax rate of 0.67%. Understanding how these areas compare with Renville provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Renville Tax Rate
0.67%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Renville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56284 | 0.52% | 0.58% | 0.67% | 0.70% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Renville, Minnesota
In Renville, 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 Redwood 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 Renville, 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 Renville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,100 in the 56284 zip code, while the lowest is also $1,100 in the same zip code.
Average Renville Assessed Value
$128,300
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Renville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56284 | $63,210 | $90,825 | $128,300 | $366,900 | $570,900 |
Source: Ownwell
Property Tax Bills Across Renville, Minnesota
In Renville, located in Redwood County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market worth. This value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $128,300, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $620, while those in the 75th percentile might see bills as high as $2,689. At the 90th percentile, tax bills can reach $3,455. These tax bills can have a substantial impact on homeowners, influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, the rates in Renville can lead to varying financial obligations depending on the assessed value of the property. Homeowners in this area need to consider these factors when budgeting for their annual expenses.
Average Renville Tax Bill
$1,100
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Renville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56284 | $542 | $620 | $1,100 | $2,689 | $3,455 |
Source: Ownwell