Ivanhoe, Minnesota Property Taxes
The median property tax rate in Ivanhoe, MN is 0.51%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $227,000 in Ivanhoe, the typical annual property tax bill amounts to $1,261, well below the national median of $2,690. Property taxes in Ivanhoe are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Ivanhoe'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 Ivanhoe or another part of Lincoln County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ivanhoe, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$1,158
Ownwell’s Ivanhoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ivanhoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ivanhoe 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 Ivanhoe, Minnesota
Property taxes in Ivanhoe, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ivanhoe is 0.51%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Ivanhoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ivanhoe 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 Ivanhoe's effective property tax rate to other counties in the U.S. and the national median. For comparison, the zip code 56142 has both the highest and lowest median property tax rate of 0.51% within Lincoln County. Understanding how these cities compare with Ivanhoe provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ivanhoe Tax Rate
0.51%
Average Lincoln County Tax Rate
0.54%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ivanhoe, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56142 | 0.18% | 0.26% | 0.51% | 1.33% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Ivanhoe, Minnesota
In Ivanhoe, 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 Lincoln 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 Ivanhoe, 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 Ivanhoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Ivanhoe is 56142, with a median tax bill of $1,261. The 25th percentile tax bill is $636, while the 75th percentile tax bill is $2,178, and the 90th percentile tax bill is $3,420.
Average Ivanhoe Assessed Value
$227,000
Average Lincoln County Assessed Value
$232,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ivanhoe, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56142 | $30,140 | $78,500 | $227,000 | $630,500 | $1,147,740 |
Source: Ownwell
Property Tax Bills Across Ivanhoe, Minnesota
In Ivanhoe, located in Lincoln County, MN, property tax bills are calculated based on the assessed value of a home, which represents a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $227,000, homeowners can expect varying tax bills depending on where their property falls within the assessed value spectrum. Factors such as property location, size, and improvements play a significant role in determining the assessed value. In Ivanhoe, the 25th percentile tax bill is around $636, while the 75th percentile reaches $2,178, and the 90th percentile can be as high as $3,420. These figures highlight the range of property tax obligations homeowners might face. Compared to the national median property tax rate of 0.99%, Ivanhoe’s rates reflect the local economic conditions and funding requirements for public services. Understanding these factors helps homeowners better anticipate their annual property tax obligations.
Average Ivanhoe Tax Bill
$1,261
Average Lincoln County Tax Bill
$1,300
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Ivanhoe, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56142 | $280 | $636 | $1,261 | $2,178 | $3,420 |
Source: Ownwell