Mayer, Minnesota Property Taxes
The median property tax rate in Mayer, MN is 1.11%, aligning with the state median but higher than the national median of 0.99%. With the median home value in Mayer at $336,600, the typical annual property tax bill reaches $3,582, significantly exceeding the national median of $2,690. Property taxes in Mayer are calculated based on the tax assessed value, often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Mayer'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 Mayer or another part of Carver County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mayer, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Mayer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mayer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mayer 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 Mayer, Minnesota
Property taxes in Mayer, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayer is 1.11%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Mayer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayer 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 Mayer's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55360 zip code has the highest median property tax rate of 1.11%, while the 55360 zip code has the lowest median tax rate of 1.11%. Understanding how these cities compare with Mayer provides valuable insights into the varying tax landscape across Carver County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mayer Tax Rate
1.11%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayer, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55360 | 0.54% | 0.90% | 1.11% | 1.17% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Mayer, Minnesota
In Mayer, 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 Carver 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 Mayer, 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 Mayer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mayer are both $3,582, found in the 55360 zip code.
Average Mayer Assessed Value
$336,600
Average Carver County Assessed Value
$399,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mayer, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55360 | $235,650 | $284,600 | $336,600 | $412,475 | $653,390 |
Source: Ownwell
Property Tax Bills Across Mayer, Minnesota
In Mayer, property tax bills are calculated based on the assessed value of your home and the local tax rate set by Carver County. The median home price in Mayer is $336,600, and the property tax rate in this region is higher than the national median of 0.99%. Homeowners in Mayer experience a range of property tax bills, with the 25th percentile at $2,938 and the 75th percentile at $4,254. The 90th percentile tax bill can go up to $4,902. Factors influencing your tax bill include the market value of your property, any applicable exemptions or deductions, and the specific tax rates determined by local taxing authorities. This can significantly impact homeowners, as higher property taxes can increase the overall cost of owning a home. For instance, in the zip code 55360, the highest median tax bill is $3,582, which is notably above the national median. Understanding these factors can help homeowners in Mayer better anticipate and manage their property tax obligations.
Average Mayer Tax Bill
$3,582
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayer, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55360 | $2,048 | $2,938 | $3,582 | $4,254 | $4,902 |
Source: Ownwell