Montrose, Minnesota Property Taxes
The median property tax rate in Montrose, MN is 0.90%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Montrose at $403,800, the typical annual property tax bill amounts to $3,612, surpassing the national median of $2,690. Property taxes in Montrose are determined based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Montrose'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 Montrose 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
Montrose, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$3,634
Ownwell’s Montrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montrose 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 Montrose, Minnesota
Property taxes in Montrose, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montrose is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Montrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montrose 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 Montrose's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55363 in Carver County has the same median property tax rate of 0.90%. Understanding how these cities compare with Montrose provides valuable insights into the varying tax landscape across Carver County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montrose Tax Rate
0.90%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montrose, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55363 | 0.66% | 0.90% | 0.90% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Montrose, Minnesota
In Montrose, 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 Carver 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 Montrose, 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 Montrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,612, found in zip code 55363.
Average Montrose Assessed Value
$403,800
Average Carver County Assessed Value
$399,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montrose, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55363 | $368,950 | $384,250 | $403,800 | $471,575 | $500,250 |
Source: Ownwell
Property Tax Bills Across Montrose, Minnesota
In Montrose, Carver County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $403,800, homeowners can expect varying tax bills. The 25th percentile tax bill is around $3,246, while the 75th percentile tax bill reaches approximately $4,286. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and the specific tax rate set by local taxing authorities. Homeowners in Montrose experience tax bills that can range significantly, with the highest median tax bill recorded at $3,612. These property taxes are essential for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life and community services available to residents.
Average Montrose Tax Bill
$3,612
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Montrose, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55363 | $2,408 | $3,246 | $3,612 | $4,286 | $4,541 |
Source: Ownwell