Culver, Minnesota Property Taxes
The median property tax rate in Culver, MN is 0.84%, 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 Culver at $184,100, the typical annual property tax bill is about $1,516, significantly below the national median of $2,690. Property taxes in Culver 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 Culver'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 Culver 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
Culver, 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 CULVER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CULVER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CULVER 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 Culver, Minnesota
Property taxes in Culver, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Culver is 0.84%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Culver set these rates annually, and they can vary significantly across different neighborhoods. Each year, Culver 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 Culver's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55779 ZIP code has the highest median property tax rate of 0.84%, while the same ZIP code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Culver provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Culver Tax Rate
0.84%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Culver, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55779 | 0.57% | 0.74% | 0.84% | 0.93% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Culver, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Culver, Minnesota. 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 St. Louis 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 Culver, 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 Culver helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 55779, with a median bill of $1,516.
Average Culver Assessed Value
$184,100
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Culver, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55779 | $60,680 | $130,450 | $184,100 | $258,025 | $337,060 |
Source: Ownwell
Property Tax Bills Across Culver, Minnesota
In Culver, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to calculate the tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. For homeowners in Culver, the median home price stands at $184,100. Property tax bills can vary significantly, with the 25th percentile tax bill at $991 and the 75th percentile reaching $2,218. The highest median tax bill recorded in the region is $1,516, found in the 55779 zip code. These figures highlight the range of property tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Culver's property taxes can be a substantial financial consideration for homeowners. Understanding how these taxes are calculated and what influences them can help homeowners better manage their financial planning and obligations.
Average Culver Tax Bill
$1,516
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Culver, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55779 | $412 | $991 | $1,516 | $2,218 | $3,155 |
Source: Ownwell