Callaway, Minnesota Property Taxes
The median property tax rate in Callaway, MN is 0.72%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $168,100 in Callaway, the typical annual property tax bill is $1,152, which is below the national median of $2,690. Property taxes in Callaway are calculated based on the assessed value, which generally falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Callaway'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 Callaway 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
Callaway, 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 Callaway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Callaway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Callaway 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 Callaway, Minnesota
Property taxes in Callaway, Minnesota, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Callaway is 0.72%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Callaway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Callaway 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 Callaway's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56521 has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Callaway provides valuable insights into the varying tax landscape across Becker County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Callaway Tax Rate
0.72%
Average Becker County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Callaway, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56521 | 0.38% | 0.64% | 0.72% | 0.84% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Callaway, Minnesota
In Callaway, 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 Becker 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 Callaway, 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 Callaway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56521 has the highest and lowest median tax bill at $1152.
Average Callaway Assessed Value
$168,100
Average Becker County Assessed Value
$241,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Callaway, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56521 | $30,400 | $92,750 | $168,100 | $279,875 | $504,150 |
Source: Ownwell
Property Tax Bills Across Callaway, Minnesota
In Callaway, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners in Callaway, the median home price stands at $168,100. Property tax bills can vary significantly, with the 25th percentile tax bill at $640 and the 75th percentile reaching $1,810. At the higher end, the 90th percentile tax bill can be as much as $2,704. These figures highlight the range of potential tax obligations homeowners might face. Comparatively, the national median property tax rate is 0.99%, making Callaway's rates relatively moderate. Understanding these factors can help homeowners anticipate their annual tax liabilities and plan their finances accordingly.
Average Callaway Tax Bill
$1,152
Average Becker County Tax Bill
$1,854
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Callaway, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56521 | $224 | $640 | $1,152 | $1,810 | $2,704 |
Source: Ownwell