Karlstad, Minnesota Property Taxes
The median property tax rate in Karlstad, MN is 0.66%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $199,700 in Karlstad, the typical annual property tax bill is around $1,240, which is considerably less than the national median of $2,690. Property taxes in Karlstad are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Karlstad's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Karlstad or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Karlstad, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,318
Ownwell’s Karlstad Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Karlstad with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Karlstad 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 Karlstad, Minnesota
Property taxes in Karlstad, Minnesota, play a crucial role in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Karlstad is 0.66%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Karlstad set these rates annually, and they can vary significantly across different neighborhoods. Each year, Karlstad 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 Karlstad's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56732 has both the highest and lowest median property tax rate in the area, standing at 0.66%. Understanding how these cities compare with Karlstad provides valuable insights into the varying tax landscape across Roseau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Karlstad Tax Rate
0.66%
Average Roseau County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Karlstad, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56732 | 0.40% | 0.56% | 0.66% | 0.75% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Karlstad, Minnesota
In Karlstad, 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 Roseau 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 Karlstad, 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 Karlstad helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Karlstad are both $1240, found in zip code 56732.
Average Karlstad Assessed Value
$199,700
Average Roseau County Assessed Value
$181,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Karlstad, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56732 | $87,260 | $142,075 | $199,700 | $275,850 | $397,460 |
Source: Ownwell
Property Tax Bills Across Karlstad, Minnesota
In Karlstad, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $199,700, the property tax rate applied will influence the final bill. Factors such as property improvements, neighborhood developments, and market trends can affect the assessed value, thereby impacting the tax amount. Homeowners in Karlstad can expect a wide range of property tax bills. The 25th percentile tax bill is around $944, while the 75th percentile reaches $1,998, and the 90th percentile can be as high as $2,586. These variations reflect differences in property values and individual assessment outcomes. Compared to the national median property tax rate of 0.99%, Karlstad's property tax bills offer a diverse financial impact on homeowners, depending on the specific assessed values and applied rates. This system ensures that property taxes are fairly distributed based on the value and condition of each property.
Average Karlstad Tax Bill
$1,240
Average Roseau County Tax Bill
$1,664
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Karlstad, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56732 | $584 | $944 | $1,240 | $1,998 | $2,586 |
Source: Ownwell