Clarks Grove, Minnesota Property Taxes
The median property tax rate in Clarks Grove, MN is 1.16%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Clarks Grove, the typical annual property tax bill reaches $1,706, exceeding the national median of $2,690. Property taxes in Clarks Grove are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Clarks Grove'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 Clarks Grove 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
Clarks Grove, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,845
Ownwell’s Clarks Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clarks Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clarks Grove 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 Clarks Grove, Minnesota
Property taxes in Clarks Grove, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clarks Grove is 1.16%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Clarks Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clarks Grove 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 Clarks Grove's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in the area is also 1.16%, while the lowest median tax rate is similarly 1.16%. Understanding how these cities compare with Clarks Grove provides valuable insights into the varying tax landscape across Freeborn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clarks Grove Tax Rate
1.16%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clarks Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56016 | 0.78% | 0.99% | 1.16% | 1.25% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Clarks Grove, Minnesota
In Clarks Grove, 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 Freeborn County Assessor 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 Clarks Grove, 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. For instance, the median home price in Clarks Grove is $159,050, and property tax bills can vary significantly. The 25th percentile tax bill is $624, while the 75th percentile tax bill is $2,472, and the 90th percentile tax bill reaches up to $3,644. Notably, the highest and lowest median tax bills are both $1,706 in the 56016 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Clarks Grove Assessed Value
$159,050
Average Freeborn County Assessed Value
$133,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clarks Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56016 | $11,800 | $63,350 | $159,050 | $233,500 | $407,920 |
Source: Ownwell
Property Tax Bills Across Clarks Grove, Minnesota
In Clarks Grove, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Freeborn County. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $159,050, homeowners can expect varying tax bills depending on their property's assessed value. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. In Clarks Grove, the tax bills range significantly, with the 25th percentile at $624 and the 75th percentile at $2,472. At the 90th percentile, tax bills can be as high as $3,644. The highest median tax bill recorded in the area is $1,706, which is above the national median property tax rate of 0.99%. These property taxes are crucial for funding local services, including schools, infrastructure, and emergency services, impacting the overall quality of life for homeowners.
Average Clarks Grove Tax Bill
$1,706
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Clarks Grove, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56016 | $174 | $624 | $1,706 | $2,472 | $3,644 |
Source: Ownwell