Cedar, Minnesota Property Taxes
The median property tax rate in Cedar, MN is 0.77%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $381,700 in Cedar, the typical annual property tax bill reaches $2,912, surpassing the national median of $2,690. Property taxes in Cedar are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cedar'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 Cedar 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
Cedar, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$2,939
Ownwell’s Cedar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar 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 Cedar, Minnesota
Property taxes in Cedar, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cedar is 0.77%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Cedar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar 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 Cedar's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55011 zip code has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Cedar provides valuable insights into the varying tax landscape across Anoka County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cedar Tax Rate
0.77%
Average Anoka County Tax Rate
0.96%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cedar, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55011 | 0.66% | 0.71% | 0.77% | 0.81% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Cedar, Minnesota
In Cedar, 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 Anoka 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 Cedar, 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. Cedar's property taxes can vary significantly, with the highest median tax bill at $2,912 in zip code 55011. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cedar Assessed Value
$381,700
Average Anoka County Assessed Value
$327,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cedar, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55011 | $271,540 | $322,800 | $381,700 | $457,600 | $557,940 |
Source: Ownwell
Property Tax Bills Across Cedar, Minnesota
In Cedar, Anoka County, MN, property tax bills are calculated based on the assessed value of a home. The county assessor determines the assessed value, which is then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $381,700, homeowners in Cedar can expect their property tax bill to vary. The 25th percentile tax bill is around $2,413, while the 75th percentile tax bill is approximately $3,507. At the higher end, the 90th percentile tax bill reaches up to $4,184. These tax bills are influenced by various factors, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Cedar's tax rates reflect the region's specific fiscal policies and public service needs. For homeowners, understanding these factors is crucial as they directly impact annual financial planning and overall homeownership costs.
Average Cedar Tax Bill
$2,912
Average Anoka County Tax Bill
$3,246
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cedar, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55011 | $1,896 | $2,413 | $2,912 | $3,507 | $4,184 |
Source: Ownwell