Richmond, Minnesota Property Taxes
The median property tax rate in Richmond, MN is 0.86%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $301,300 in Richmond, the typical annual property tax bill amounts to $2,678, slightly below the national median of $2,690. Property taxes in Richmond are calculated based on the tax assessed value, often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Richmond'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 Richmond or another part of Stearns County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richmond, 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 Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond 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 Richmond, Minnesota
Property taxes in Richmond, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richmond is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richmond 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 Richmond's effective property tax rate to other areas in Stearns County and the national median. For comparison, the 56368 zip code has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these areas compare with Richmond provides valuable insights into the varying tax landscape across Stearns County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richmond Tax Rate
0.86%
Average Stearns County Tax Rate
1.08%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmond, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56368 | 0.57% | 0.82% | 0.86% | 1.00% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Minnesota
In Richmond, 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 Stearns 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 Richmond, 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 Richmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Richmond is $2,678 in the 56368 zip code, which also has the lowest median tax bill.
Average Richmond Assessed Value
$301,300
Average Stearns County Assessed Value
$269,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richmond, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56368 | $116,080 | $194,950 | $301,300 | $449,100 | $617,340 |
Source: Ownwell
Property Tax Bills Across Richmond, Minnesota
In Richmond, located in Stearns County, MN, property tax bills are calculated based on the assessed value of a home, which reflects its market value. Local tax authorities determine the assessed value, which is then multiplied by the local tax rate to compute the annual tax bill. The median home price in Richmond stands at $301,300, which gives homeowners a benchmark for understanding their potential tax liabilities. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. The tax bill for properties in Richmond varies significantly, with the 25th percentile at $1,766 and the 75th percentile at $3,743. For those at the higher end, the 90th percentile tax bill reaches up to $4,936. These figures highlight the range in property tax obligations within the area. Compared to the national median property tax rate of 0.99%, homeowners in Richmond may find their tax rates to be competitive, depending on their specific property assessments and applicable local rates. This variability underscores the importance of understanding how local valuations and tax rates impact overall property tax bills.
Average Richmond Tax Bill
$2,678
Average Stearns County Tax Bill
$2,818
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56368 | $934 | $1,766 | $2,678 | $3,743 | $4,936 |
Source: Ownwell