Shafer, Minnesota Property Taxes
The median property tax rate in Shafer, MN is 1.08%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Shafer at $266,300, the typical annual property tax bill reaches $3,090, surpassing the national median of $2,690. Property taxes in Shafer are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Shafer'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 Shafer 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
Shafer, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$2,876
Ownwell’s Shafer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shafer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shafer 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 Shafer, Minnesota
Property taxes in Shafer, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shafer is 1.08%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Shafer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shafer 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 Shafer's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55074 zip code has both the highest and lowest median property tax rate of 1.08%. Understanding how these cities compare with Shafer provides valuable insights into the varying tax landscape across Chisago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shafer Tax Rate
1.08%
Average Chisago County Tax Rate
1.18%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shafer, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55074 | 0.38% | 0.90% | 1.08% | 1.27% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Shafer, Minnesota
In Shafer, 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 Chisago 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 Shafer, 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 Shafer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Shafer is $3,090 in zip code 55074, while the lowest is also $3,090 in the same zip code.
Average Shafer Assessed Value
$266,300
Average Chisago County Assessed Value
$305,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shafer, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55074 | $26,100 | $175,850 | $266,300 | $386,650 | $523,760 |
Source: Ownwell
Property Tax Bills Across Shafer, Minnesota
In Shafer, located in Chisago County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $266,300, the property tax bill can vary significantly. Homeowners in the 25th percentile might see a tax bill around $1,122, whereas those in the 75th percentile could be paying approximately $3,791. At the 90th percentile, the tax bill can rise to about $5,106. These figures highlight the variability in property tax bills, which can heavily impact a homeowner's budget. Factors such as property improvements, neighborhood developments, and changes in local tax rates can further influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Shafer's property taxes can be relatively high, affecting overall affordability for residents.
Average Shafer Tax Bill
$3,090
Average Chisago County Tax Bill
$3,492
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Shafer, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55074 | $201 | $1,122 | $3,090 | $3,791 | $5,106 |
Source: Ownwell