Carver, Minnesota Property Taxes
The median property tax rate in Carver, MN is 1.13%, notably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $427,200 in Carver, the typical annual property tax bill amounts to $4,588, surpassing the national median of $2,690. Property taxes in Carver are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Carver'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 Carver or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Carver, 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 Carver Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carver with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carver 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 Carver, Minnesota
Property taxes in Carver, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carver is 1.13%, which is higher than the U.S. national median of 0.99%. Local government entities within Carver set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carver 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 Carver's effective property tax rate to other regions and the national median. For comparison, the zip code 55315 has the highest median property tax rate of 1.13%, while also being the lowest median tax rate within Carver. Understanding how these areas compare with Carver provides valuable insights into the varying tax landscape across Carver County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carver Tax Rate
1.13%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carver, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55315 | 0.44% | 0.88% | 1.13% | 1.17% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Carver, Minnesota
In Carver, 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 Carver County Assessor 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 Carver, 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 Carver helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Carver is $4,588 in the 55315 zip code, while the lowest is also $4,588 in the same zip code.
Average Carver Assessed Value
$427,200
Average Carver County Assessed Value
$399,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carver, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55315 | $225,000 | $340,200 | $427,200 | $512,400 | $619,560 |
Source: Ownwell
Property Tax Bills Across Carver, Minnesota
In Carver, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Carver, the median home price is $427,200. Property tax bills can vary widely; for instance, the 25th percentile tax bill is $3,316, while the 75th percentile tax bill is $5,498, and the 90th percentile tax bill reaches $6,462. Several factors influence the tax bill, including the assessed value of the property, the local tax rate, and any applicable exemptions or deductions. Homeowners in Carver, with a median tax bill of $4,588, experience higher property taxes compared to the national median property tax rate of 0.99%. This higher tax rate can impact homeowners by increasing their annual housing costs, which is an essential consideration for budgeting and financial planning.
Average Carver Tax Bill
$4,588
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Carver, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55315 | $1,217 | $3,316 | $4,588 | $5,498 | $6,462 |
Source: Ownwell