Comstock, Minnesota Property Taxes
The median property tax rate in Comstock, MN is 0.97%, slightly below both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Comstock at $124,300, the typical annual property tax bill is $1,116, which is lower than the national median of $2,690. Property taxes in Comstock are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Comstock'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 Comstock or another part of Clay County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Comstock, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,206
Ownwell’s Comstock Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Comstock. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Comstock to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, helping you make informed financial decisions. For those interested in more granular data, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Comstock, Minnesota
Property taxes in Comstock, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Comstock is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Comstock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Comstock 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 Comstock's effective property tax rate to other areas in Clay County and the national median. For comparison, the 56525 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Comstock provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Comstock Tax Rate
0.97%
Average Clay County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Comstock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56525 | 0.77% | 0.89% | 0.97% | 1.12% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Comstock, Minnesota
In Comstock, 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 Clay 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 Comstock, 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 Comstock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 56525, with a median tax bill of $1,116.
Average Comstock Assessed Value
$124,300
Average Clay County Assessed Value
$240,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Comstock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56525 | $9,500 | $76,000 | $124,300 | $175,400 | $207,200 |
Source: Ownwell
Property Tax Bills Across Comstock, Minnesota
In Comstock, Clay County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. For a median home price of $124,300, the property tax rate in this region is applied to derive the annual tax bill. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Comstock can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $582, while the 75th percentile reaches $1,696, and the 90th percentile can be as high as $1,988. This variability underscores the importance of accurate property assessments and the impact of local taxation policies. Comparatively, the national median property tax rate stands at 0.99%, making Comstock's tax rates relatively moderate. Homeowners should be aware of these factors as they directly affect their annual financial obligations and the overall cost of homeownership in the region.
Average Comstock Tax Bill
$1,116
Average Clay County Tax Bill
$3,042
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Comstock, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56525 | $70 | $582 | $1,116 | $1,696 | $1,988 |
Source: Ownwell