Odin, Minnesota Property Taxes
The median property tax rate in Odin, MN is 0.59%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Odin, the typical annual property tax bill reaches $2,348, slightly below the national median of $2,690. Property taxes in Odin are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Odin'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 Odin 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
Odin, 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 Odin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Odin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Odin 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 Odin, Minnesota
Property taxes in Odin, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Odin is 0.59%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Odin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Odin 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 Odin's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56160 has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Odin provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Odin Tax Rate
0.59%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Odin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56160 | 0.26% | 0.36% | 0.59% | 1.06% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Odin, Minnesota
In Odin, 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 Martin 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 Odin, 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 Odin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Odin are both $2,348, found in zip code 56160.
Average Odin Assessed Value
$282,700
Average Martin County Assessed Value
$139,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Odin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56160 | $141,380 | $189,950 | $282,700 | $794,000 | $1,219,140 |
Source: Ownwell
Property Tax Bills Across Odin, Minnesota
In ODIN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value takes into account factors such as the property's market value, location, and condition. Once the assessed value is established, local tax rates are applied to determine the final tax bill. For instance, in Martin County, the median home price is $282,700. Homeowners in ODIN can expect their property tax bills to vary significantly. At the 25th percentile, the tax bill is around $1,612, while at the 75th percentile, it can reach up to $2,871. For those at the higher end of the spectrum, the 90th percentile tax bill is approximately $4,670. These variations illustrate the impact of property value and local tax rates on homeowners. Compared to the national median property tax rate of 0.99%, ODIN's property taxes reflect the specific economic conditions and valuation methods used in the region. This system ensures that property taxes are fairly distributed based on individual property values.
Average Odin Tax Bill
$2,348
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Odin, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56160 | $934 | $1,612 | $2,348 | $2,871 | $4,670 |
Source: Ownwell