Young America, Minnesota Property Taxes
The median property tax rate in Young America, MN is 1.34%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Young America at $287,200, the typical annual property tax bill reaches $3,668, exceeding the national median of $2,690. Property taxes in Young America 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 Young America'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 Young America 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
Young America, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$3,848
Ownwell’s Young America Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Young America with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Young America 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 Young America, Minnesota
Property taxes in Young America, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Young America is 1.34%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Young America set these rates annually, and they can vary significantly across different neighborhoods. Each year, Young America 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 Young America's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55397 zip code has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these cities compare with Young America 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 Young America Tax Rate
1.34%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Young America, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55397 | 0.67% | 0.95% | 1.34% | 1.40% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Young America, Minnesota
In Young America, 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 Young America, 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 Young America helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 55397, with a median tax bill of $3,668.
Property Tax Assessment Values Across Young America, Minnesota
Source: Ownwell
$11,000
$313,350
$615,700
Average Young America Assessed Value
$287,200
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 Young America, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55397 | $206,560 | $239,100 | $287,200 | $391,400 | $592,480 |
Source: Ownwell
Property Tax Bills Across Young America, Minnesota
In Young America, located in Carver County, MN, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in this city is $287,200. Property taxes are calculated by multiplying the assessed value by the local tax rate. For instance, homeowners in Young America face tax bills that range significantly, with the 25th percentile paying around $3,000, while those in the 75th percentile see bills of approximately $4,385. At the 90th percentile, tax bills can reach up to $5,576. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Young America experience varied tax obligations. These property taxes fund essential public services like schools, infrastructure, and emergency services, impacting the overall community and individual homeowners. The highest and lowest median tax bills in the area are both recorded at $3,668, within the zip code 55397.
Average Young America Tax Bill
$3,668
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Young America, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55397 | $2,446 | $3,000 | $3,668 | $4,385 | $5,576 |
Source: Ownwell