Truman, Watonwan County, Minnesota Property Taxes

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

Median Truman, MN effective property tax rate: 0.60%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Truman, MN home value: $303,800
Median annual Truman, MN tax bill: $2102, $298 lower than the national median property tax bill of $2,400.

How are property taxes in Watonwan calculated?

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

Last Updated March 1, 2025

Truman, Watonwan County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.6%

Estimate Property Tax Bill

$1,823

$1,692

Ownwell’s Truman Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Truman with just two data points. By entering your property's estimated assessed value, our calculator applies Truman’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 Watonwan County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Truman, Watonwan County, Minnesota

Local government entities set tax rates, which can vary widely within a state. This 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. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Truman, located in Watonwan County, Minnesota, the effective property tax rate is 0.60%. This rate is significantly lower than the national median property tax rate of 1.02%, offering a more affordable option for property owners. Additionally, when compared to other cities in Minnesota, Truman's rate is on the lower end, making it an attractive location for those looking to reduce their property tax burden.

Understanding how local tax rates are determined and how they compare to state and national averages can help property owners make informed decisions about where to invest or settle. With Truman's competitive tax rate, it presents a compelling case for potential homeowners and investors alike.

Property Tax Rates Across Truman, Watonwan County, Minnesota

Source: Ownwell

0.27%

1.13%

1.99%

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 Truman Tax Rate

0.60%

Median Effective Watonwan County Tax Rate

1.02%

Median Effective Minnesota Tax Rate

1.11%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Truman, Watonwan County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
56088	0.26%	0.43%	0.60%	0.80%	1.00%

Source: Ownwell

Property Tax Assessment Values Across Truman, Watonwan County, Minnesota

When examining property taxes in Truman, MN, 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 Watonwan 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. Assessment notices: In Watonwan 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 Truman. For example, the median home price in Truman is $303,800, with tax bills ranging significantly across the county. 56088 has the highest median home price at $303,800.

Property Tax Assessment Values Across Truman, Watonwan County, Minnesota

Source: Ownwell

$35,100

$277,700

$520,300

Median Truman Market Value

$303,800

Median Watonwan County Market Value

$150,750

Median Minnesota Market Value

$290,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Truman, Watonwan County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
56088	$126,300	$196,000	$303,800	$547,800	$1,270,800

Source: Ownwell

Property Tax Bills Across Truman, Watonwan County, Minnesota

In Truman, located in Watonwan County, MN, property tax bills are calculated based on the assessed value of a home. This value is determined by local assessors who evaluate various factors, such as the property's size, location, and condition. The local tax rate is then applied to the assessed value to determine the tax bill. Truman's median property tax bill stands at $2,102, which is below the national median property tax bill of $2,400. Homeowners in Truman might find themselves paying between $1,326 at the 25th percentile and $3,994 at the 90th percentile, depending on their property's assessed value and specific circumstances.

High property tax bills can be a burden for homeowners, but Ownwell offers a solution. By leveraging their expertise in property tax appeals and exemptions, Ownwell helps homeowners potentially lower their tax bills. With a thorough analysis of property assessments and tax rates, Ownwell identifies opportunities for savings, ensuring homeowners only pay their fair share. This service can lead to significant reductions in property tax expenses, providing financial relief to homeowners in Truman.

Property Tax Bills Across Truman, Watonwan County, Minnesota

Source: Ownwell

$782

$1,753

$2,724

Median Truman Tax Bill

$2,102

Median Watonwan County Tax Bill

$1,480

Median Minnesota Tax Bill

$3,182

Median United States Tax Bill

$2,400

Property Tax Bills Across Truman, Watonwan County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
56088	$658	$1,326	$2,102	$3,058	$3,994

Source: Ownwell