Norwood Young America, Minnesota Property Taxes
The median property tax rate in Norwood Young America, MN is 1.26%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Norwood Young America at $276,700, the typical annual property tax bill reaches $3,266, exceeding the national median of $2,690. Property taxes in Norwood Young America are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Norwood Young America'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 Norwood Young America 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
Norwood Young America, 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 Norwood Young America Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norwood Young America with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norwood Young America 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 Norwood Young America, Minnesota
Property taxes in Norwood Young America, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norwood Young America is 1.26%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Norwood Young America set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norwood Young America 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 Norwood Young America's effective property tax rate to other areas in Carver County and the national median. For comparison, the 55397 zip code has the highest median property tax rate of 1.31%, while the 55368 zip code has the lowest median tax rate of 1.26%. Understanding how these areas compare with Norwood Young America 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 Norwood Young America Tax Rate
1.26%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norwood Young America, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55368 | 0.43% | 0.89% | 1.26% | 1.34% | 1.42% |
| 55397 | 1.31% | 1.31% | 1.31% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Norwood Young America, Minnesota
In Norwood Young America, 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 Norwood Young America, 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 is $276,700, with tax bills ranging from $2,550 at the 25th percentile to $5,075 at the 90th percentile. The highest median tax bill in the region is $3,266 in zip code 55368, while the lowest is just $144 in zip code 55397. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Norwood Young America, Minnesota
Source: Ownwell
$11,000
$313,350
$615,700
Average Norwood Young America Assessed Value
$276,700
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 Norwood Young America, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55368 | $166,270 | $216,400 | $276,900 | $408,000 | $743,000 |
| 55397 | $11,000 | $11,000 | $11,000 | $11,000 | $11,000 |
Source: Ownwell
Property Tax Bills Across Norwood Young America, Minnesota
In Norwood Young America, property tax bills are calculated based on the assessed value of a home, which is determined by the Carver County Assessor's Office. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $276,700, the assessed value is used to calculate the property tax owed. Various factors influence the tax bill, including local tax rates and any applicable exemptions or deductions. Homeowners in Norwood Young America can expect property tax bills to vary significantly. At the 25th percentile, tax bills are around $2,550, while at the 75th percentile, they can reach up to $4,032. The 90th percentile sees tax bills as high as $5,075. The highest median tax bill in the area is $3,266 in zip code 55368, whereas the lowest median tax bill is just $144 in zip code 55397. These taxes fund essential public services, impacting the overall cost of homeownership and community resources.
Average Norwood Young America Tax Bill
$3,266
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Norwood Young America, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55368 | $1,676 | $2,554 | $3,266 | $4,034 | $5,076 |
| 55397 | $144 | $144 | $144 | $144 | $144 |
Source: Ownwell