Clara City, Minnesota Property Taxes
The median property tax rate in Clara City, MN is 0.58%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Clara City, the typical annual property tax bill reaches $2,016, which is below the national median of $2,690. Property taxes in Clara City 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 Clara City'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 Clara City 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
Clara City, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,538
Ownwell’s Clara City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clara City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clara City 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 Clara City, Minnesota
Property taxes in Clara City, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Clara City is 0.58%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Clara City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clara City 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 Clara City's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56222 has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Clara City provides valuable insights into the varying tax landscape across Kandiyohi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clara City Tax Rate
0.58%
Average Kandiyohi County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clara City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56222 | 0.29% | 0.39% | 0.58% | 0.75% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Clara City, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Clara City, MN. The market value represents 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 Kandiyohi 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 Clara City, 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. The median home price in Clara City is $265,250, with the 25th percentile tax bill at $1,622 and the 75th percentile at $2,569. Notably, the highest and lowest median tax bills are both $2,016 in the 56222 zip code. 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 Clara City, Minnesota
Source: Ownwell
$150,200
$1,044,050
$1,937,900
Average Clara City Assessed Value
$265,250
Average Kandiyohi County Assessed Value
$222,850
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clara City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56222 | $190,560 | $222,150 | $265,250 | $651,950 | $1,302,020 |
Source: Ownwell
Property Tax Bills Across Clara City, Minnesota
In Clara City, located in Kandiyohi County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value typically reflects the market value but may be adjusted by assessment ratios or exemptions specific to the area. Homeowners in Clara City can expect property tax bills to vary significantly, with the 25th percentile at $1,622 and the 75th percentile at $2,569. For those at the higher end, the 90th percentile sees tax bills around $3,381. Compared to the national median property tax rate of 0.99%, Clara City's property tax rate can influence the overall affordability for homeowners. For instance, with a median home price of $265,250, the property tax bill can significantly affect annual expenses. Understanding these factors is crucial for homeowners as they budget for property taxes and assess the long-term financial implications of owning property in Clara City.
Average Clara City Tax Bill
$2,016
Average Kandiyohi County Tax Bill
$2,360
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Clara City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56222 | $1,095 | $1,622 | $2,016 | $2,569 | $3,381 |
Source: Ownwell