Lowry, Minnesota Property Taxes
The median property tax rate in Lowry, MN is 0.79%, 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 $310,600 in Lowry, the typical annual property tax bill amounts to $2,282, falling below the national median of $2,690. Property taxes in Lowry are calculated based on the tax assessed value, which often is lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lowry'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 Lowry 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
Lowry, 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 Lowry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lowry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lowry 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 Lowry, Minnesota
Property taxes in Lowry, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowry is 0.79%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Lowry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowry 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 Lowry's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56349 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Lowry provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lowry Tax Rate
0.79%
Average Douglas County Tax Rate
0.86%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowry, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56349 | 0.49% | 0.68% | 0.79% | 0.82% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Lowry, Minnesota
In Lowry, 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 Douglas 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 Lowry, 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. For instance, the median home price in Lowry is $310,600, with tax bills ranging from $1,283 at the 25th percentile to $4,386 at the 90th percentile. The highest and lowest median tax bills are both $2,282 in the 56349 zip code. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lowry Assessed Value
$310,600
Average Douglas County Assessed Value
$264,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lowry, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56349 | $84,120 | $167,600 | $310,600 | $459,700 | $660,460 |
Source: Ownwell
Property Tax Bills Across Lowry, Minnesota
In Lowry, located in Douglas County, MN, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine your annual property tax bill. For instance, if your home is assessed at the median home price of $310,600, your tax bill would be calculated using Douglas County's tax rate. Several factors influence the assessed value, including the property's market value, its size, location, and any improvements made. Homeowners in Lowry experience a range of property tax bills. For example, those at the 25th percentile pay around $1,283 annually, while those at the 75th percentile pay approximately $2,957. At the 90th percentile, the tax bill can reach up to $4,386. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses. With the national median property tax rate at 0.99%, comparing local rates helps homeowners gauge their tax burden relative to other regions.
Average Lowry Tax Bill
$2,282
Average Douglas County Tax Bill
$2,330
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowry, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56349 | $780 | $1,283 | $2,282 | $2,957 | $4,386 |
Source: Ownwell