Caledonia, Minnesota Property Taxes
The median property tax rate in Caledonia, MN is 1.01%, 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 Caledonia at $189,550, the typical annual property tax bill amounts to $1,952, which is below the national median of $2,690. Property taxes in Caledonia 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 Caledonia'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 Caledonia 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
Caledonia, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$1,914
Ownwell’s Caledonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Caledonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Caledonia 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 Caledonia, Minnesota
Property taxes in Caledonia, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caledonia is 1.01%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Caledonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caledonia 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 Caledonia's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55921 zip code has the highest median property tax rate of 1.01%, while the same 55921 zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Caledonia provides valuable insights into the varying tax landscape across Houston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caledonia Tax Rate
1.01%
Average Houston County Tax Rate
1.20%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caledonia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55921 | 0.42% | 0.73% | 1.01% | 1.22% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Caledonia, Minnesota
In Caledonia, 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 Houston 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 Caledonia, 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. For instance, the highest median tax bill in the area is $1952 in the 55921 zip code. Being aware of these valuation processes in Caledonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Caledonia Assessed Value
$189,550
Average Houston County Assessed Value
$221,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caledonia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55921 | $91,900 | $139,175 | $189,550 | $281,550 | $477,620 |
Source: Ownwell
Property Tax Bills Across Caledonia, Minnesota
In Caledonia, Houston County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The assessed value is an estimation of the property's market value, which is then multiplied by the tax rate to calculate the annual tax bill. For instance, with a median home price of $189,550, homeowners can expect their property taxes to vary significantly. Factors influencing the tax bill include the property's assessed value, local tax rates, and any exemptions or deductions for which the homeowner may qualify. The tax bill in Caledonia ranges widely, with the 25th percentile at $1,286 and the 75th percentile at $2,752. At the 90th percentile, homeowners might pay as much as $3,610 annually. Compared to the national median property tax rate of 0.99%, the tax burdens in Caledonia reflect the local economic and property market conditions. This variation in tax bills can significantly impact homeowners, affecting their annual budgeting and long-term financial planning.
Average Caledonia Tax Bill
$1,952
Average Houston County Tax Bill
$2,534
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Caledonia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55921 | $808 | $1,286 | $1,952 | $2,752 | $3,610 |
Source: Ownwell