Loretto, Minnesota Property Taxes
The median property tax rate in Loretto, MN is 1.28%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Loretto at $453,000, the typical annual property tax bill reaches $5,957, exceeding the national median of $2,690. Property taxes in Loretto 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 Loretto'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 Loretto 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
Loretto, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$5,798
Ownwell’s Loretto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loretto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loretto 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 Loretto, Minnesota
Property taxes in Loretto, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loretto is 1.28%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Loretto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loretto 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 Loretto's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55357 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Loretto provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loretto Tax Rate
1.28%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loretto, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55357 | 1.17% | 1.21% | 1.28% | 1.35% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Loretto, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Loretto, Minnesota. 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 Hennepin County Assessor 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. Assessment notices in Loretto 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. For instance, the median home price in Loretto is $453,000, with tax bills ranging from $4,403 at the 25th percentile to $10,344 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loretto Assessed Value
$453,000
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loretto, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55357 | $271,600 | $340,000 | $453,000 | $627,500 | $791,200 |
Source: Ownwell
Property Tax Bills Across Loretto, Minnesota
In Loretto, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $453,000 in Loretto, homeowners can expect their tax bills to vary significantly. The tax bill for the 25th percentile is $4,403, while the 75th percentile sees a tax bill of $8,055. At the 90th percentile, the tax bill can reach up to $10,344. Factors such as property improvements, market conditions, and local government budgets can affect the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Loretto's tax rates can result in higher tax bills due to the higher property values in the area. This can significantly impact homeowners, especially when budgeting for annual expenses. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Loretto Tax Bill
$5,957
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Loretto, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55357 | $3,468 | $4,403 | $5,957 | $8,055 | $10,344 |
Source: Ownwell