Cromwell, Minnesota Property Taxes
The median property tax rate in Cromwell, MN is 1.03%, 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 Cromwell at $173,400, the typical annual property tax bill amounts to $1,820, which is below the national median of $2,690. Property taxes in Cromwell are determined based on the assessed value, which often falls below market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cromwell'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 Cromwell or another part of Carlton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cromwell, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,786
Ownwell’s Cromwell Property Tax Bill Calculator empowers homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Cromwell with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Cromwell to project your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Carlton County, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Cromwell, Minnesota
Property taxes in Cromwell, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cromwell is 1.03%, which is higher than the U.S. national median of 0.99%. Local government entities within Cromwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cromwell 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 Cromwell's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55726 has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these figures compare with Cromwell 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 Cromwell Tax Rate
1.03%
Average Carlton County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cromwell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55726 | 0.88% | 0.96% | 1.03% | 1.07% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Cromwell, Minnesota
In Cromwell, 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 Carlton 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 Cromwell, 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. The median home price in Cromwell is $173,400, with tax bills ranging from $1,008 at the 25th percentile to $3,665 at the 90th percentile. The zip code 55726 has the highest median tax bill, which is $1,820. By understanding 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 Cromwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cromwell Assessed Value
$173,400
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 Cromwell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55726 | $58,990 | $100,275 | $173,400 | $260,550 | $339,710 |
Source: Ownwell
Property Tax Bills Across Cromwell, Minnesota
In Cromwell, Carlton County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is an estimate of the property's market value as determined by the county assessor. This value is then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $173,400, homeowners can expect varying tax bills depending on where they fall within the assessed value range. Tax bills in Cromwell show significant variation, with the 25th percentile at $1,008 and the 75th percentile reaching $2,764. At the 90th percentile, homeowners might see tax bills as high as $3,665. These figures illustrate how property taxes can impact homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, Cromwell's property tax rates and resulting bills could be either a financial relief or a burden, depending on individual circumstances and property values.
Average Cromwell Tax Bill
$1,820
Average Carlton County Tax Bill
$2,610
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cromwell, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55726 | $512 | $1,008 | $1,820 | $2,764 | $3,665 |
Source: Ownwell