Saint Leo, Minnesota Property Taxes
The median property tax rate in Saint Leo, MN is 0.94%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Saint Leo at $42,400, the typical annual property tax bill is $400, significantly below the national median of $2,690. Property taxes in Saint Leo are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Saint Leo'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 Saint Leo or another part of Yellow Medicine County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Saint Leo, 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 Saint Leo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Saint Leo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Saint Leo 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 Saint Leo, Minnesota
Property taxes in Saint Leo, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Saint Leo is 0.94%, slightly lower than the U.S. national median of 0.99%. Local government entities within Saint Leo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saint Leo 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 Saint Leo's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56264 has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Saint Leo provides valuable insights into the varying tax landscape across Yellow Medicine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Saint Leo Tax Rate
0.94%
Average Yellow Medicine County Tax Rate
1.38%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saint Leo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56264 | 0.91% | 0.93% | 0.94% | 1.02% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Saint Leo, Minnesota
In Saint Leo, 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 Yellow Medicine 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 Saint Leo, 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 Saint Leo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56264 has the highest and lowest median tax bill, both at $400.
Average Saint Leo Assessed Value
$42,400
Average Yellow Medicine County Assessed Value
$131,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Saint Leo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56264 | $13,320 | $32,800 | $42,400 | $59,300 | $77,120 |
Source: Ownwell
Property Tax Bills Across Saint Leo, Minnesota
In Saint Leo, located in Yellow Medicine County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Saint Leo is $42,400. To calculate the property tax bill, the assessed value is multiplied by the local tax rate. For instance, the median property tax rate in this area is approximately 0.99%, aligning with the national median. Several factors influence the final tax bill, including property characteristics, market conditions, and any applicable exemptions or deductions. For homeowners, this means that their property tax bills can vary significantly. The 25th percentile tax bill in Saint Leo is $318, while the 75th percentile tax bill is $658, and the 90th percentile tax bill is $781. Understanding these factors is crucial for homeowners, as property taxes directly impact annual housing costs and overall affordability. By staying informed, homeowners can better anticipate and manage their financial obligations related to property taxes.
Average Saint Leo Tax Bill
$400
Average Yellow Medicine County Tax Bill
$1,634
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Saint Leo, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56264 | $185 | $318 | $400 | $658 | $781 |
Source: Ownwell