Carlos, Minnesota Property Taxes
The median property tax rate in Carlos, MN is 0.76%, which is considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $250,400 in Carlos, the typical annual property tax bill reaches $2,160, falling short of the national median of $2,690. Property taxes in Carlos are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Carlos'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 Carlos 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
Carlos, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,903
Ownwell’s Carlos Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carlos with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carlos 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 Carlos, Minnesota
Property taxes in Carlos, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carlos is 0.76%, lower than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Carlos set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carlos 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 Carlos's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56319 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Carlos provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carlos Tax Rate
0.76%
Average Douglas County Tax Rate
0.86%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carlos, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56319 | 0.56% | 0.68% | 0.76% | 1.04% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Carlos, Minnesota
In Carlos, 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 Douglas County Assessor 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 Carlos, 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 Carlos 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 56319, with a median tax bill of $2,160.
Average Carlos Assessed Value
$250,400
Average Douglas County Assessed Value
$264,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carlos, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56319 | $35,720 | $146,800 | $250,400 | $508,500 | $707,120 |
Source: Ownwell
Property Tax Bills Across Carlos, Minnesota
In Carlos, located in Douglas County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors influencing the assessed value include the home's market value, location, and any improvements or modifications made to the property. The median home price in Carlos is $250,400, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,232, while the 75th percentile tax bill reaches $3,340. At the 90th percentile, homeowners may pay up to $4,766 annually. These variations highlight how property taxes can impact homeowners differently, depending on their home's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, the property tax rates in Carlos may seem moderate or high, affecting homeowners' financial planning and budgeting. Homeowners in Carlos need to stay informed about local tax policies and potential exemptions to manage their property tax liabilities effectively.
Average Carlos Tax Bill
$2,160
Average Douglas County Tax Bill
$2,330
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Carlos, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56319 | $345 | $1,232 | $2,160 | $3,340 | $4,766 |
Source: Ownwell