Andover, Minnesota Property Taxes
The median property tax rate in Andover, MN is 0.91%, slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Andover at $412,700, the typical annual property tax bill reaches $3,707, significantly higher than the national median of $2,690. Property taxes in Andover are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Andover'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 Andover 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
Andover, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$3,756
$3,485
Ownwell’s Andover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Andover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Andover 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 Andover, Minnesota
Property taxes in Andover, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Andover is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Andover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Andover 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 Andover's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 55304 has the highest median property tax rate of 0.91%, while the same zip code also represents the lowest median tax rate of 0.91%. Understanding how these cities compare with Andover provides valuable insights into the varying tax landscape across Anoka County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Andover Tax Rate
0.91%
Average Anoka County Tax Rate
0.96%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Andover, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55304 | 0.79% | 0.82% | 0.91% | 0.94% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Andover, Minnesota
In Andover, 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 Anoka 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 Andover, 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 Andover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 55304 in Andover has the same highest and lowest median tax bill at $3,707, reflecting the region's consistency in property tax assessments.
Average Andover Assessed Value
$412,700
Average Anoka County Assessed Value
$327,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Andover, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55304 | $298,300 | $338,000 | $412,700 | $502,800 | $600,560 |
Source: Ownwell
Property Tax Bills Across Andover, Minnesota
Property tax bills in Andover, located in Anoka County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Andover typically face a median property tax rate of 0.99%, which aligns with the national median. For instance, with a median home price of $412,700, homeowners can expect to pay a property tax bill around $4,087 annually. However, tax bills can vary significantly. At the 25th percentile, the tax bill is approximately $2,984, while at the 75th percentile, it rises to $4,446. The top 10% of tax bills can reach up to $5,365. These tax bills fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in Andover. Understanding these factors helps homeowners anticipate their annual expenses and plan their budgets accordingly.
Average Andover Tax Bill
$3,707
Average Anoka County Tax Bill
$3,246
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Andover, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55304 | $2,420 | $2,984 | $3,707 | $4,446 | $5,365 |
Source: Ownwell