Excelsior, Minnesota Property Taxes
The median property tax rate in Excelsior, MN is 1.05%, 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 Excelsior at $615,700, the typical annual property tax bill reaches $6,449, significantly exceeding the national median of $2,690. Property taxes in Excelsior are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Excelsior'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 Excelsior 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
Excelsior, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$6,465
Ownwell’s Excelsior Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Excelsior with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Excelsior 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 Excelsior, Minnesota
Property taxes in Excelsior, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Excelsior is 1.05%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Excelsior set these rates annually, and they can vary significantly across different neighborhoods. Each year, Excelsior 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 Excelsior's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55331 zip code has both the highest and lowest median property tax rate of 1.05%. Understanding how these cities compare with Excelsior 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 Excelsior Tax Rate
1.05%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Excelsior, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55331 | 0.99% | 1.01% | 1.05% | 1.11% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Excelsior, Minnesota
In Excelsior, 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 Excelsior, 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 Excelsior helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 55331 has both the highest and lowest median tax bill at $6,449.
Average Excelsior Assessed Value
$615,700
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 Excelsior, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55331 | $364,680 | $448,350 | $615,700 | $859,800 | $1,280,280 |
Source: Ownwell
Property Tax Bills Across Excelsior, Minnesota
In Excelsior, located in Carver County, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by county assessors who evaluate the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Excelsior face varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $4,630, while the 75th percentile reaches $9,356. Those in the 90th percentile can expect to pay approximately $14,550. The median home price in Excelsior is $615,700, which significantly influences these tax bills. Excelsior's property tax rate is higher than the national median rate of 0.99%, reflecting the area's higher property values and local government funding needs. This can impact homeowners by increasing their annual expenses, making it essential for them to budget accordingly and consider potential exemptions or appeals to manage their tax liabilities effectively.
Average Excelsior Tax Bill
$6,449
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Excelsior, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55331 | $3,716 | $4,630 | $6,449 | $9,356 | $14,550 |
Source: Ownwell