Victoria, Minnesota Property Taxes
The median property tax rate in Victoria, MN is 1.09%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $532,300 in Victoria, the typical annual property tax bill reaches $5,722, significantly surpassing the national median of $2,690. Property taxes in Victoria are calculated based on the assessed value, often lower than the market value due to various exemptions like those for primary residences and agricultural properties. Navigating Victoria's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're residing in the heart of Victoria or another part of Carver County, understanding the local property tax system is crucial for both homeowners and real estate investors.
Last Updated June 14, 2024
Victoria, 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 Victoria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Victoria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Victoria 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 Victoria, Minnesota
Property taxes in Victoria, Minnesota, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Victoria is 1.09%, higher than the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Victoria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Victoria 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 Victoria's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55386 zip code has the highest median property tax rate of 1.09%, while the 55318 zip code has the lowest median tax rate of 0.41%. Understanding how these cities compare with Victoria 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 Victoria Tax Rate
1.09%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Victoria, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55318 | 0.21% | 0.37% | 0.41% | 0.59% | 0.87% |
| 55386 | 0.98% | 1.03% | 1.09% | 1.15% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Victoria, Minnesota
In Victoria, 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. Assessment notices in Victoria 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 Victoria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Carver County is $5,728 in the 55386 zip code, while the lowest is $2,094 in the 55318 zip code.
Average Victoria Assessed Value
$532,300
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 Victoria, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55318 | $302,140 | $514,600 | $560,300 | $573,100 | $759,340 |
| 55386 | $315,350 | $396,350 | $531,900 | $644,150 | $741,800 |
Source: Ownwell
Property Tax Bills Across Victoria, Minnesota
In Victoria, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate set by Carver County. The median home price in Victoria is $532,300, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property location, home size, and any applicable exemptions play significant roles in the final tax amount. For instance, the 25th percentile tax bill is around $4,210, while the 75th percentile tax bill can reach approximately $7,047, and the 90th percentile tax bill is about $8,636. These tax bills can have a substantial impact on homeowners, influencing their overall cost of living and budgeting decisions. Compared to the national median property tax rate of 0.99%, homeowners in Victoria may find their tax bills higher due to the assessed values and local tax rates. The highest median tax bill in the area is $5,728 in the 55386 zip code, whereas the lowest is $2,094 in the 55318 zip code, highlighting the variability within the region.
Average Victoria Tax Bill
$5,722
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Victoria, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55318 | $958 | $978 | $2,094 | $2,094 | $4,368 |
| 55386 | $3,057 | $4,220 | $5,728 | $7,052 | $8,640 |
Source: Ownwell