Claremont, Minnesota Property Taxes
The median property tax rate in Claremont, MN is 0.49%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Claremont, the typical annual property tax bill reaches $2,342, which is below the national median of $2,690. Property taxes in Claremont 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 Claremont'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 Claremont or another part of Steele County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Claremont, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$1,816
Ownwell’s Claremont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Claremont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Claremont 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 Claremont, Minnesota
Property taxes in Claremont, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Claremont is 0.49%, which is significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Claremont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Claremont 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 Claremont's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55924 has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these cities compare with Claremont provides valuable insights into the varying tax landscape across Steele County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Claremont Tax Rate
0.49%
Average Steele County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Claremont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55924 | 0.24% | 0.27% | 0.49% | 0.97% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Claremont, Minnesota
In Claremont, 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 Steele 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 Claremont, 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, the median home price in Claremont is $370,700, with tax bills ranging from $1,175 at the 25th percentile to $4,575 at the 90th percentile. The highest and lowest median tax bills are both found in the 55924 zip code, at $2,342. 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 Claremont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Claremont Assessed Value
$370,700
Average Steele County Assessed Value
$246,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Claremont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55924 | $163,940 | $255,150 | $370,700 | $632,200 | $950,800 |
Source: Ownwell
Property Tax Bills Across Claremont, Minnesota
In Claremont, Steele County, MN, property tax bills are calculated based on the assessed value of a home. The county assessor determines this value by evaluating various factors such as the property's size, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Claremont, the median home price stands at $370,700. Property tax bills can vary significantly; for instance, those in the 25th percentile pay around $1,175, while those in the 75th percentile face bills of approximately $3,652. At the 90th percentile, tax bills can reach up to $4,575. Compared to the national median property tax rate of 0.99%, Claremont's property tax rates reflect the local economic conditions and funding needs for public services. Homeowners should be aware that these taxes contribute to essential community services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the area.
Average Claremont Tax Bill
$2,342
Average Steele County Tax Bill
$2,874
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Claremont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55924 | $537 | $1,175 | $2,342 | $3,652 | $4,575 |
Source: Ownwell