Richwood, Minnesota Property Taxes
The median property tax rate in Richwood, MN is 0.79%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Richwood, the typical annual property tax bill reaches $2,788, slightly above the national median of $2,690. Property taxes in Richwood 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 Richwood'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 Richwood 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
Richwood, 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 RICHWOOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RICHWOOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RICHWOOD 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 Richwood, Minnesota
Property taxes in Richwood, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richwood is 0.79%, notably lower than the U.S. national median of 0.99%. Local government entities within Richwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richwood 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 Richwood's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56577 has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Richwood provides valuable insights into the varying tax landscape across Becker County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richwood Tax Rate
0.79%
Average Becker County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56577 | 0.78% | 0.78% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Richwood, Minnesota
In Richwood, 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 Becker 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 Richwood, 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 Richwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,788 in zip code 56577.
Average Richwood Assessed Value
$360,700
Average Becker County Assessed Value
$241,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56577 | $323,100 | $337,200 | $360,700 | $385,400 | $400,220 |
Source: Ownwell
Property Tax Bills Across Richwood, Minnesota
In Richwood, Becker County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local assessors who evaluate the property’s market value. Homeowners in Richwood can expect their property tax bill to be influenced by several factors, including the property's size, location, and condition. The median home price in Richwood is $360,700, which serves as a baseline for calculating the tax bill. For instance, a homeowner at the 25th percentile might pay around $2,632 annually, while those at the 75th percentile pay approximately $3,011. At the 90th percentile, the tax bill can reach up to $3,145. These figures indicate that Richwood's property taxes are relatively aligned with the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly. The local tax rate and assessed value play crucial roles in determining the final tax bill, impacting overall affordability and financial planning for residents.
Average Richwood Tax Bill
$2,788
Average Becker County Tax Bill
$1,854
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Richwood, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56577 | $2,538 | $2,632 | $2,788 | $3,011 | $3,145 |
Source: Ownwell