Reading, Minnesota Property Taxes
The median property tax rate in Reading, MN is 0.59%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $170,000 in Reading, the typical annual property tax bill amounts to $958, which is well below the national median of $2,690. Property taxes in Reading are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Reading's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Reading or another part of the city, gaining insights into the local property tax system will be beneficial.
Last Updated June 14, 2024
Reading, 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 Reading Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reading with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reading 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 Reading, Minnesota
Property taxes in Reading, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reading 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 Reading set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reading 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 Reading's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56165 has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Reading 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 Reading Tax Rate
0.59%
Average Nobles County Tax Rate
1.00%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reading, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56165 | 0.47% | 0.52% | 0.59% | 0.65% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Reading, Minnesota
In Reading, 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 local 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 Reading, 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 Reading is $170,000, and property tax bills can vary significantly. The 25th percentile tax bill is $609, while the 75th percentile reaches $1,903, and the 90th percentile can be as high as $2,782. The zip code with the highest median tax bill is 56165, with a median tax bill of $958. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Reading Assessed Value
$170,000
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 Reading, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56165 | $48,460 | $117,550 | $170,000 | $273,100 | $405,300 |
Source: Ownwell
Property Tax Bills Across Reading, Minnesota
In Reading, Minnesota, property tax bills are calculated based on assessed property values and local tax rates. The process begins with a property assessment, where the market value of a home is determined. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Various factors can influence the tax bill, including changes in home values, local government budgets, and voter-approved levies. For homeowners in Reading, the median home price is $170,000. The property tax bills vary widely, with the 25th percentile at $609 and the 75th percentile reaching $1,903. At the 90th percentile, homeowners may see tax bills as high as $2,782. These figures highlight the range of property tax burdens in the area. Compared to the national median property tax rate of 0.99%, Reading's property taxes can significantly impact household budgets, depending on the assessed value of the home and the specific tax rates applied.
Average Reading Tax Bill
$958
Average Nobles County Tax Bill
$1,588
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Reading, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56165 | $148 | $609 | $958 | $1,903 | $2,782 |
Source: Ownwell