Olivia, Minnesota Property Taxes
The median property tax rate in Olivia, MN is 1.31%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Olivia at $153,200, the typical annual property tax bill reaches $1,729, still below the national median of $2,690. Property taxes in Olivia 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 Olivia'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 Olivia 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
Olivia, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,007
Ownwell’s Olivia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olivia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olivia 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 Olivia, Minnesota
Property taxes in Olivia, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olivia is 1.31%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Olivia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olivia 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 Olivia's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56277 zip code has both the highest and lowest median property tax rate of 1.31%. Understanding how these cities compare with Olivia provides valuable insights into the varying tax landscape across Renville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olivia Tax Rate
1.31%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olivia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56277 | 0.49% | 1.04% | 1.31% | 1.53% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Olivia, Minnesota
In Olivia, 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 Renville 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 Olivia, 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 Olivia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Olivia are both $1,729, found in the zip code 56277.
Average Olivia Assessed Value
$153,200
Average Renville County Assessed Value
$142,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olivia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56277 | $50,200 | $90,725 | $153,200 | $241,875 | $369,250 |
Source: Ownwell
Property Tax Bills Across Olivia, Minnesota
In Olivia, located in Renville County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value considers factors such as market trends, property condition, and location. Homeowners in Olivia see a range of tax bills, with the median home price at $153,200. The tax bill for the 25th percentile is $1,076, while the 75th percentile sees a bill of $2,702, and the 90th percentile reaches up to $4,052. These tax bills are influenced by the local tax rate and the specific needs of the county, such as funding for schools, infrastructure, and public services. Compared to the national median property tax rate of 0.99%, homeowners in Olivia may find their tax bills vary significantly based on their property's assessed value. This system ensures that property taxes are proportionate to the value of the home, directly impacting homeowners' annual financial planning.
Average Olivia Tax Bill
$1,729
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Olivia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56277 | $625 | $1,076 | $1,729 | $2,702 | $4,052 |
Source: Ownwell