Loman, Koochiching County, Minnesota Property Taxes

Name: Property Tax Bills Across Loman, Koochiching County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Loman, MN effective property tax rate: 0.58%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Loman, MN home value: $89,800
Median annual Loman, MN tax bill: $465, $1,935 lower than the national median property tax bill of $2,400.

How are property taxes in Koochiching calculated?

Property taxes in Loman, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Loman’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Loman, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Loman, Koochiching County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.58%

Estimate Property Tax Bill

$521

$483

Ownwell’s Loman Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Loman with just two data points. By entering your property's estimated assessed value, our calculator applies Loman’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Koochiching County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Loman, Koochiching County, Minnesota

Local government entities set tax rates, which can vary widely within a state. This variation is because each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is the annual process in a nutshell. In Loman, located in Koochiching County, Minnesota, the effective property tax rate is a significant factor for homeowners. Compared to the national median property tax rate of 1.02%, Loman's rate offers a different perspective on property taxation. Understanding how these rates compare to other cities in Minnesota and the national average can provide valuable insights for homeowners and potential buyers. By evaluating these differences, property owners can make informed decisions about appealing their property taxes or seeking exemptions. The local government's approach to setting tax rates directly impacts the financial responsibilities of property owners, highlighting the importance of staying informed about property tax trends.

Property Tax Rates Across Loman, Koochiching County, Minnesota

Source: Ownwell

0.51%

0.72%

0.93%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Loman Tax Rate

0.58%

Median Effective Koochiching County Tax Rate

0.72%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Loman, Koochiching County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
56654	0.42%	0.51%	0.58%	0.64%	0.69%

Source: Ownwell

Property Tax Assessment Values Across Loman, Koochiching County, Minnesota

When examining property taxes in Loman, Minnesota, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Koochiching County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Koochiching County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Loman. For example, the median home price in Loman is $89,800, with tax bills ranging significantly across the county. Zip code 56654 has the highest median home price at $89,800.

Property Tax Assessment Values Across Loman, Koochiching County, Minnesota

Source: Ownwell

$42,200

$72,750

$103,300

Median Loman Market Value

$89,800

Median Koochiching County Market Value

$92,700

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Loman, Koochiching County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
56654	$30,100	$55,950	$89,800	$141,500	$192,300

Source: Ownwell

Property Tax Bills Across Loman, Koochiching County, Minnesota

In Loman, located in Koochiching County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in Loman is $89,800. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile paying around $306 and the 75th percentile paying approximately $716. The 90th percentile sees tax bills reaching up to $1,016. These figures highlight the range of property tax obligations that homeowners in Loman experience. Compared to the national median property tax bill of $2,400, Loman's property taxes are relatively modest. However, the impact on homeowners can still be significant, particularly for those at the higher end of the tax bill spectrum. Ownwell offers services that help homeowners in Loman reduce their property tax bills by appealing their assessed values and ensuring they are not overpaying. By leveraging local expertise and understanding the nuances of property tax assessments in Minnesota, Ownwell can effectively assist homeowners in saving money on their property taxes.

Property Tax Bills Across Loman, Koochiching County, Minnesota

Source: Ownwell

$208

$540

$872

Median Loman Tax Bill

$465

Median Koochiching County Tax Bill

$689

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Loman, Koochiching County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
56654	$178	$306	$465	$716	$1,016

Source: Ownwell