Odessa, Minnesota Property Taxes
The median property tax rate in Odessa, MN is 0.46%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Odessa at $372,600, the typical annual property tax bill amounts to $1,577, which is well below the national median of $2,690. Property taxes in Odessa are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Odessa's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Odessa or another part of Lac qui Parle County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Odessa, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$1,714
Ownwell’s Odessa Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Odessa with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Odessa to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by Lac qui Parle County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Odessa, Minnesota
Property taxes in Odessa, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Odessa is 0.46%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Odessa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Odessa 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 Odessa's effective property tax rate to other counties in Minnesota and the national median. For comparison, the ZIP code 56276 has the highest median property tax rate of 0.46%, while the same ZIP code 56276 also has the lowest median tax rate of 0.46%. Understanding how these cities compare with Odessa provides valuable insights into the varying tax landscape across Lac qui Parle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Odessa Tax Rate
0.46%
Average Lac Qui Parle County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Odessa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56276 | 0.19% | 0.25% | 0.46% | 0.68% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Odessa, Minnesota
In Odessa, 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 Lac qui Parle 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 Odessa, 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. The median home price in Odessa is $372,600, with tax bills ranging from $750 at the 25th percentile to $3,190 at the 90th percentile. The highest and lowest median tax bills are both $1,577 in the 56276 zip code. Being aware of these valuation processes in Odessa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Odessa Assessed Value
$372,600
Average Lac Qui Parle County Assessed Value
$124,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Odessa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56276 | $80,800 | $194,850 | $372,600 | $562,350 | $821,400 |
Source: Ownwell
Property Tax Bills Across Odessa, Minnesota
In Odessa, located in Lac qui Parle County, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Odessa can expect a range of property tax bills. For instance, the tax bill at the 25th percentile is $750, while at the 75th percentile, it rises to $2087. Those at the 90th percentile face a tax bill of $3190. These property taxes fund essential local services such as schools, public safety, and infrastructure. Comparing to the national median property tax rate of 0.99%, Odessa's tax bills reflect the specific economic and market conditions of the area, impacting homeowners by contributing to the overall cost of homeownership.
Average Odessa Tax Bill
$1,577
Average Lac Qui Parle County Tax Bill
$1,448
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Odessa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56276 | $523 | $750 | $1,577 | $2,087 | $3,190 |
Source: Ownwell