Center City, Minnesota Property Taxes
The median property tax rate in Center City, MN is 1.01%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in Center City at $323,900, the typical annual property tax bill reaches $3,127, surpassing the national median of $2,690. Property taxes in Center City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Center 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 Center 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
Center City, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$3,271
Ownwell’s Center City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Center City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Center 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 Center City, Minnesota
Property taxes in Center City, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Center City is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Center City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Center 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 Center City's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55012 zip code has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Center City provides valuable insights into the varying tax landscape across Chisago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Center City Tax Rate
1.01%
Average Chisago County Tax Rate
1.18%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Center City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55012 | 0.32% | 0.91% | 1.01% | 1.13% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Center City, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Center City, Minnesota. 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 Chisago 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 Center 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. Being aware of these valuation processes in Center City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Center City both stand at $3,127, located in zip code 55012.
Average Center City Assessed Value
$323,900
Average Chisago County Assessed Value
$305,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Center City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55012 | $66,700 | $198,100 | $323,900 | $442,300 | $571,220 |
Source: Ownwell
Property Tax Bills Across Center City, Minnesota
In Center City, located in Chisago County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For instance, if a home has a median price of $323,900, the assessed value will be a percentage of this market value, which is then multiplied by the local tax rate to determine the tax bill. Several factors influence the property tax bill, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Center City experience a range of property tax bills, with the 25th percentile paying around $1,653, while those in the 75th percentile see bills closer to $4,310. At the 90th percentile, tax bills can reach up to $5,580. These figures highlight the variability in tax burdens based on property values and local tax rates, which can significantly impact homeowners' annual expenses.
Average Center City Tax Bill
$3,127
Average Chisago County Tax Bill
$3,492
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Center City, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55012 | $235 | $1,653 | $3,127 | $4,310 | $5,580 |
Source: Ownwell