Cologne, Minnesota Property Taxes
The median property tax rate in Cologne, MN is 0.98%, slightly below the state median of 1.11% but close to the national median of 0.99%. With the median home value in Cologne at $381,950, the typical annual property tax bill amounts to $3,848, which is significantly higher than the national median of $2,690. Property taxes in Cologne are calculated based on the tax assessed value, often lower than market value due to exemptions like primary residence and agricultural exemptions. Understanding Cologne's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Cologne 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
Cologne, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$3,743
Ownwell’s Cologne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cologne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cologne 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 Cologne, Minnesota
Property taxes in Cologne, Minnesota, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Cologne is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Cologne set these rates annually, and they can vary across different neighborhoods. Each year, Cologne 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 Cologne's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55322 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these cities compare with Cologne 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 Cologne Tax Rate
0.98%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cologne, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55322 | 0.30% | 0.81% | 0.98% | 1.31% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Cologne, Minnesota
In Cologne, 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 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 Cologne, 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. For instance, the median home price in Cologne is $381,950, with tax bills ranging from $2,946 at the 25th percentile to $4,810 at the 75th percentile. Additionally, the zip code 55322 has the highest and lowest median tax bill at $3,848. 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 Cologne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cologne Assessed Value
$381,950
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 Cologne, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55322 | $219,110 | $285,400 | $381,950 | $521,025 | $798,490 |
Source: Ownwell
Property Tax Bills Across Cologne, Minnesota
In Cologne, located in Carver 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 estimated market value of the property. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $381,950, homeowners can expect varying tax bills depending on their property's assessed value. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. In Cologne, the 25th percentile tax bill is around $2,946, while the 75th percentile reaches approximately $4,810. For those in the 90th percentile, tax bills can be as high as $5,887. These figures highlight the range of property tax obligations homeowners might face, influenced by both property characteristics and local tax policies. Comparing these to the national median property tax rate of 0.99% provides a contextual understanding of the local tax environment.
Average Cologne Tax Bill
$3,848
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Cologne, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55322 | $1,838 | $2,946 | $3,848 | $4,810 | $5,887 |
Source: Ownwell