Savage, Minnesota Property Taxes
The median property tax rate in Savage, MN is 1.10%, slightly higher than the national median of 0.99% but just below the Minnesota state median of 1.11%. With a median home value of $393,100 in Savage, the typical annual property tax bill reaches $4,330, significantly exceeding the national median of $2,690. Property taxes in Savage are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Savage'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 Savage 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
Savage, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$4,324
Ownwell’s Savage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Savage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Savage 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 Scott County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Savage, Minnesota
Property taxes in Savage, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Savage is 1.10%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Savage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Savage 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 Savage's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55378 zip code has the highest median property tax rate of 1.10%, while the 55378 zip code has the lowest median tax rate of 1.10%. Understanding how these cities compare with Savage provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Savage Tax Rate
1.10%
Average Scott County Tax Rate
1.07%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Savage, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55378 | 1.03% | 1.05% | 1.10% | 1.14% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Savage, Minnesota
In Savage, 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 Scott 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 Savage, 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 example, Savage's median home price is $393,100, with annual tax bills ranging from $3,586 at the 25th percentile to $6,436 at the 90th percentile. 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 Savage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Savage Assessed Value
$393,100
Average Scott County Assessed Value
$388,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Savage, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55378 | $274,900 | $326,100 | $393,100 | $484,400 | $579,600 |
Source: Ownwell
Property Tax Bills Across Savage, Minnesota
In Savage, Scott County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. For instance, the median home price in Savage is $393,100, and property tax bills can vary significantly. Homeowners in Savage can expect tax bills ranging from $3,586 at the 25th percentile to $6,436 at the 90th percentile. The median property tax bill in the area is $4,330, which is higher than the national median property tax rate of 0.99%. These property taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Understanding these factors helps homeowners anticipate their financial obligations and the benefits they receive from their property taxes.
Average Savage Tax Bill
$4,330
Average Scott County Tax Bill
$4,100
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Savage, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55378 | $2,810 | $3,586 | $4,330 | $5,284 | $6,436 |
Source: Ownwell