Revere, Minnesota Property Taxes
The median property tax rate in Revere, MN is 0.63%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Revere at $194,700, the typical annual property tax bill reaches $2,153, which is below the national median of $2,690. Property taxes in Revere 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 Revere'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 Revere or another part of Cottonwood County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Revere, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,227
Ownwell’s Revere Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Revere with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Revere 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 Revere, Minnesota
Property taxes in Revere, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Revere is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Revere set these rates annually, and they can vary significantly across different neighborhoods. Each year, Revere 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 Revere's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56166 has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Revere provides valuable insights into the varying tax landscape across Cottonwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Revere Tax Rate
0.63%
Average Cottonwood County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Revere, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56166 | 0.30% | 0.50% | 0.63% | 0.78% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Revere, Minnesota
In Revere, 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 Cottonwood 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 Revere, 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 Revere helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Cottonwood County is $2,153 in the 56166 zip code, while the lowest median tax bill is also $2,153 in the same zip code.
Average Revere Assessed Value
$194,700
Average Cottonwood County Assessed Value
$129,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Revere, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56166 | $132,120 | $143,175 | $194,700 | $419,200 | $1,391,020 |
Source: Ownwell
Property Tax Bills Across Revere, Minnesota
In Revere, located in Cottonwood County, MN, property tax bills are calculated based on the assessed value of a property. The local assessor evaluates the market value of each home, which is then used to determine the assessed value. This assessed value is multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $194,700, homeowners in Revere can expect varying tax bills. The 25th percentile tax bill is approximately $994, while those in the 75th percentile pay around $2,776. At the 90th percentile, the tax bill can reach up to $2,996. These figures illustrate how property taxes can vary significantly depending on the value of the home and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Revere's property taxes reflect a range of financial impacts on homeowners. Higher-valued properties naturally incur higher tax bills, affecting homeowners' annual budgets and potentially influencing their decisions on property investment and homeownership.
Average Revere Tax Bill
$2,153
Average Cottonwood County Tax Bill
$1,456
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Revere, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56166 | $835 | $994 | $2,153 | $2,776 | $2,996 |
Source: Ownwell