Carlton, Minnesota Property Taxes
The median property tax rate in Carlton, MN is 1.07%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Carlton at $261,850, the typical annual property tax bill reaches $2,738, which is above the national median of $2,690. Property taxes in Carlton are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Carlton'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 Carlton 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
Carlton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,802
Ownwell’s Carlton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carlton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carlton 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 Carlton, Minnesota
Property taxes in Carlton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carlton is 1.07%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Carlton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carlton 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 Carlton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55718 zip code has the highest median property tax rate of 1.07%, while the 55718 zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Carlton provides valuable insights into the varying tax landscape across Carlton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carlton Tax Rate
1.07%
Average Carlton County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carlton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55718 | 0.87% | 1.00% | 1.07% | 1.12% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Carlton, Minnesota
In Carlton, 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 local 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 Carlton, 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. Carlton has a median home price of $261,850, with tax bills ranging from $1,779 at the 25th percentile to $5,062 at the 90th percentile. The highest and lowest median tax bills are both $2,738 in the 55718 zip code. Being aware of these valuation processes in Carlton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carlton Assessed Value
$261,850
Average Carlton County Assessed Value
$213,450
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carlton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55718 | $107,100 | $181,550 | $261,850 | $366,725 | $458,900 |
Source: Ownwell
Property Tax Bills Across Carlton, Minnesota
In Carlton, 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 estimated market value of the property. Homeowners in Carlton can expect their tax bills to vary significantly depending on their property's value. For instance, the median home price in Carlton is $261,850, and property tax bills can range widely. For those in the 25th percentile, tax bills are around $1,779, while homeowners in the 75th percentile face bills closer to $3,926. At the 90th percentile, tax bills can reach up to $5,062. The highest and lowest median tax bills in Carlton are both $2,738, which aligns closely with the national median property tax rate of 0.99%. These variations impact homeowners differently, with higher-valued properties shouldering a larger tax burden. Understanding these factors helps homeowners better anticipate their financial responsibilities and plan accordingly.
Average Carlton Tax Bill
$2,738
Average Carlton County Tax Bill
$2,610
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Carlton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55718 | $857 | $1,779 | $2,738 | $3,926 | $5,062 |
Source: Ownwell