Leonard, Minnesota Property Taxes
The median property tax rate in Leonard, MN is 0.80%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $213,750 in Leonard, the typical annual property tax bill amounts to $1,462, significantly below the national median of $2,690. Property taxes in Leonard are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Leonard'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 Leonard 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
Leonard, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,710
Ownwell’s Leonard Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Leonard with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Leonard to project your property tax bill. This valuable resource helps you understand potential tax liabilities. For those interested in detailed neighborhood trends, further localized information is available below. Your property’s assessed value, determined by the county, serves as the basis for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Leonard, Minnesota
Property taxes in Leonard, Minnesota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Leonard is 0.80%, which is below the U.S. national median of 0.99%. Local government entities within Leonard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leonard 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. Understanding how Leonard's effective property tax rate compares to other areas in Beltrami County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leonard Tax Rate
0.80%
Average Beltrami County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leonard, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56652 | 0.53% | 0.70% | 0.80% | 0.92% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Leonard, Minnesota
In Leonard, 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 Beltrami 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 Leonard, 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 Leonard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills in Leonard is 56652, with a median tax bill of $1,462.
Average Leonard Assessed Value
$213,750
Average Beltrami County Assessed Value
$190,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leonard, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56652 | $96,660 | $123,850 | $213,750 | $324,025 | $445,840 |
Source: Ownwell
Property Tax Bills Across Leonard, Minnesota
In Leonard, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the Beltrami County Assessor's Office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Leonard, the median home price is $213,750. The property tax rate in the area is slightly higher than the national median rate of 0.99%, which results in varying tax bills depending on the home's value. Homeowners in the 25th percentile can expect a tax bill around $1,000, while those in the 75th percentile might see bills closer to $2,333. For the top 10% of properties, tax bills can reach up to $3,105. The highest and lowest median tax bills in Leonard are both recorded at $1,462 in the 56652 zip code, indicating a relatively consistent tax rate across the area. These property tax bills significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Leonard Tax Bill
$1,462
Average Beltrami County Tax Bill
$1,559
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Leonard, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56652 | $928 | $1,000 | $1,462 | $2,333 | $3,105 |
Source: Ownwell