Odin, Minnesota Property Taxes
The median property tax rate in Odin, MN is 1.16%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Odin at $74,200, the typical annual property tax bill reaches $822, which is significantly below the national median of $2,690. Property taxes in Odin are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Odin'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 Odin 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
Odin, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$861
Ownwell’s Odin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Odin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Odin 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 Odin, Minnesota
Property taxes in ODIN, Minnesota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in ODIN is 1.16%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within ODIN set these rates annually, and they can vary significantly across different neighborhoods. Each year, ODIN 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 ODIN's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56160 zip code has both the highest and lowest median property tax rate of 1.16%. Understanding how these cities compare with ODIN provides valuable insights into the varying tax landscape across Watonwan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Odin Tax Rate
1.16%
Average Watonwan County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Odin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56160 | 0.38% | 0.87% | 1.16% | 1.37% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Odin, Minnesota
In Odin, 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 Watonwan 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 Odin, 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. The zip code 56160 in Odin has a median tax bill of $822, which is consistent across the region. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Odin Assessed Value
$74,200
Average Watonwan County Assessed Value
$150,750
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Odin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56160 | $11,160 | $35,950 | $74,200 | $131,400 | $279,860 |
Source: Ownwell
Property Tax Bills Across Odin, Minnesota
In Odin, located in Watonwan County, MN, property tax bills are determined based on the assessed value of a home and the applicable tax rate. The median home price in Odin is $74,200. The tax rate is applied to this assessed value to calculate the annual tax bill. Factors influencing the tax bill include property characteristics, local government budgets, and any applicable exemptions or deductions. For homeowners in Odin, the property tax bills can vary significantly. At the 25th percentile, the tax bill is $411, while at the 75th percentile, it rises to $1219. For those in the 90th percentile, the tax bill can be as high as $2406. These variations highlight how different property values and local tax rates impact homeowners. Compared to the national median property tax rate of 0.99%, Odin’s property taxes reflect the local economic conditions and government funding requirements. Understanding these factors helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Odin Tax Bill
$822
Average Watonwan County Tax Bill
$1,480
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Odin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56160 | $72 | $411 | $822 | $1,219 | $2,406 |
Source: Ownwell