Redwood Falls, Minnesota Property Taxes
The median property tax rate in Redwood Falls, 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 Redwood Falls, the typical annual property tax bill reaches $1,390, significantly below the national median of $2,690. Property taxes in Redwood Falls 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 Redwood Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Redwood Falls 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
Redwood Falls, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,470
Ownwell’s Redwood Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Redwood Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Redwood Falls 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 Redwood Falls, Minnesota
Property taxes in Redwood Falls, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Redwood Falls is 0.62%, lower than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Redwood Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Redwood Falls 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 Redwood Falls' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56283 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Redwood Falls 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 Redwood Falls Tax Rate
0.62%
Average Renville County Tax Rate
1.31%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Redwood Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56283 | 0.21% | 0.36% | 0.62% | 0.70% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Redwood Falls, Minnesota
In Redwood Falls, 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 Redwood Falls, 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 Redwood Falls is $237,100, with tax bills ranging from $1,023 at the 25th percentile to $3,996 at the 90th percentile. 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 Redwood Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56283 has both the highest and lowest median tax bill, which is $1,390.
Property Tax Assessment Values Across Redwood Falls, Minnesota
Source: Ownwell
$75,700
$568,450
$1,061,200
Average Redwood Falls Assessed Value
$237,100
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 Redwood Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56283 | $96,300 | $164,875 | $237,100 | $533,875 | $1,251,250 |
Source: Ownwell
Property Tax Bills Across Redwood Falls, Minnesota
In Redwood Falls, located in Renville County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and then applies an assessment ratio. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as comparable sales in the area. For homeowners in Redwood Falls, the median home price is $237,100. The property tax rate in this region is applied to this assessed value, resulting in varying tax bills. For instance, homeowners in the 25th percentile pay around $1,023 annually, while those in the 75th percentile face a tax bill of about $2,579. At the 90th percentile, the tax bill can reach up to $3,996. These tax bills can significantly impact homeowners, affecting their overall housing costs and financial planning. With the national median property tax rate at 0.99%, Redwood Falls residents experience a range of tax burdens depending on their property's assessed value.
Average Redwood Falls Tax Bill
$1,390
Average Renville County Tax Bill
$1,564
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Redwood Falls, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56283 | $366 | $1,023 | $1,390 | $2,579 | $3,996 |
Source: Ownwell