Truman, Minnesota Property Taxes
The median property tax rate in Truman, MN is 1.17%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Truman at $133,700, the typical annual property tax bill reaches $1,409, exceeding the national median of $2,690. Property taxes in Truman 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 Truman'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 Truman 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
Truman, 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 Truman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Truman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Truman 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 Martin County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Truman, Minnesota
Property taxes in Truman, Minnesota, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Truman is 1.17%, notably higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Truman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Truman 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 Truman's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56088 has both the highest and lowest median property tax rate of 1.17%. Understanding how these cities compare with Truman 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 Truman Tax Rate
1.17%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Truman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56088 | 0.46% | 0.72% | 1.17% | 1.42% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Truman, Minnesota
In Truman, 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 Truman, 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 Truman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Truman, the median home price stands at $133,700. The 25th percentile tax bill is $900, while the 75th percentile tax bill is $2,153. The 90th percentile tax bill reaches $3,008. The highest and lowest median tax bills are both $1,409 in zip code 56088.
Average Truman Assessed Value
$133,700
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 Truman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56088 | $46,140 | $81,625 | $133,700 | $204,875 | $403,250 |
Source: Ownwell
Property Tax Bills Across Truman, Minnesota
In Truman, Martin County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $133,700, the assessed value plays a crucial role in the final tax amount. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Truman can expect varying tax bills, with the 25th percentile paying around $900 and the 75th percentile facing bills up to $2,153. The highest tax bills, at the 90th percentile, can reach $3,008. Compared to the national median property tax rate of 0.99%, Truman's tax rates reflect a balanced approach, ensuring essential public services are funded while considering the financial burden on homeowners. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Truman Tax Bill
$1,409
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Truman, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56088 | $509 | $900 | $1,409 | $2,153 | $3,008 |
Source: Ownwell