Le Center, Minnesota Property Taxes
The median property tax rate in Le Center, MN is 1.18%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Le Center, the typical annual property tax bill reaches $2,762, exceeding the national median of $2,690. Property taxes in Le Center 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 Le Center'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 Le Center 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
Le Center, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$2,990
Ownwell’s Le Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Le Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Le Center 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 Le Center, Minnesota
Property taxes in Le Center, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Le Center is 1.18%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Le Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Le Center 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 Le Center's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56057 zip code has the highest median property tax rate of 1.18%, while the same 56057 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Le Center provides valuable insights into the varying tax landscape across Le Sueur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Le Center Tax Rate
1.18%
Average Le Sueur County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Le Center, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56057 | 0.54% | 0.84% | 1.18% | 1.33% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Le Center, Minnesota
In Le Center, 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 Le Sueur 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 Le Center, 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 Le Center is $253,400, with median tax bills ranging from $2,148 at the 25th percentile to $4,627 at the 90th percentile. 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 Le Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Le Center Assessed Value
$253,400
Average Le Sueur County Assessed Value
$290,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Le Center, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56057 | $135,120 | $182,800 | $253,400 | $379,700 | $593,780 |
Source: Ownwell
Property Tax Bills Across Le Center, Minnesota
In Le Center, located in Le Sueur County, MN, property tax bills are determined based on several factors, including the assessed value of the property and the local tax rate. The assessed value is an estimation of the property's market value, which is then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $253,400 in Le Center, homeowners can expect varying tax bills depending on their property's value and specific circumstances. The tax bills in Le Center show a range, with the 25th percentile at approximately $2,148 and the 75th percentile reaching around $3,618. At the higher end, the 90th percentile tax bill is about $4,627. These figures indicate that property taxes in Le Center can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both recorded at $2,762, showing a consistent tax rate within the zip code 56057. Understanding these factors helps homeowners anticipate their annual property tax obligations.
Average Le Center Tax Bill
$2,762
Average Le Sueur County Tax Bill
$3,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Le Center, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56057 | $1,383 | $2,148 | $2,762 | $3,618 | $4,627 |
Source: Ownwell