Carlos, Minnesota Property Taxes
The median property tax rate in Carlos, MN is 0.61%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Carlos at $308,150, the typical annual property tax bill is $1,419, which is well below the national median of $2,690. Property taxes in Carlos are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Carlos'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 Carlos 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
Carlos, 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 Carlos Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carlos with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carlos 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 Carlos, Minnesota
Property taxes in Carlos, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carlos is 0.61%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Carlos set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carlos 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 Carlos's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56319 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Carlos provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carlos Tax Rate
0.61%
Average Todd County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carlos, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56319 | 0.27% | 0.33% | 0.61% | 0.81% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Carlos, Minnesota
In Carlos, 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 Todd 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 Carlos, 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 Carlos helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Carlos are both $1419, found in the zip code 56319.
Average Carlos Assessed Value
$308,150
Average Todd County Assessed Value
$198,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carlos, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56319 | $149,010 | $227,300 | $308,150 | $405,500 | $513,750 |
Source: Ownwell
Property Tax Bills Across Carlos, Minnesota
In Carlos, located in Todd County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Carlos can expect varying tax bills depending on their property's assessed value and the specific tax rate applied by local authorities. For instance, the median home price in Carlos is $308,150. The tax bill for properties in the 25th percentile is around $1,016, while those in the 75th percentile face tax bills closer to $2,421. At the 90th percentile, homeowners could see tax bills as high as $3,752. These figures highlight the range of property tax obligations within the city, influenced by both property values and the local tax rate. Compared to the national median property tax rate of 0.99%, Carlos presents a varied landscape for property taxes, impacting homeowners differently based on their property’s assessed value.
Average Carlos Tax Bill
$1,419
Average Todd County Tax Bill
$1,544
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Carlos, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56319 | $508 | $1,016 | $1,419 | $2,421 | $3,752 |
Source: Ownwell