Leota, Minnesota Property Taxes
The median property tax rate in Leota, MN is 0.62%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Leota, the typical annual property tax bill reaches $662, significantly below the national median of $2,690. Property taxes in Leota 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 Leota'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 Leota 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
Leota, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$615
Ownwell’s Leota Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leota with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leota 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 Leota, Minnesota
Property taxes in Leota, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leota is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Leota set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leota 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 Leota's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56153 has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Leota provides valuable insights into the varying tax landscape across Nobles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leota Tax Rate
0.62%
Average Nobles County Tax Rate
1.00%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56153 | 0.54% | 0.57% | 0.62% | 0.68% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Leota, Minnesota
In Leota, 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 Nobles 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 Leota, 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 example, the median home price in Leota is $99,200, with property tax bills ranging from $355 at the 25th percentile to $1,418 at the 90th percentile. The zip code 56153 has the highest median tax bill of $662. 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 Leota helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Leota Assessed Value
$99,200
Average Nobles County Assessed Value
$169,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56153 | $19,720 | $51,600 | $99,200 | $152,550 | $195,680 |
Source: Ownwell
Property Tax Bills Across Leota, Minnesota
In Leota, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. 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 $99,200, homeowners in Leota can expect varying tax bills depending on their specific property assessments and applicable exemptions. The 25th percentile tax bill in Leota is approximately $355, while the 75th percentile tax bill is around $1059. At the higher end, the 90th percentile tax bill reaches about $1418. These figures indicate a range of tax burdens that can affect homeowners differently based on their property's assessed value and any qualifying exemptions. Comparatively, Leota's property tax rates align closely with the national median property tax rate of 0.99%. Homeowners should be aware of these factors as they influence the overall cost of owning property in Leota, impacting budgeting and financial planning.
Average Leota Tax Bill
$662
Average Nobles County Tax Bill
$1,588
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Leota, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56153 | $146 | $355 | $662 | $1,059 | $1,418 |
Source: Ownwell