Karlstad, Minnesota Property Taxes
The median property tax rate in Karlstad, MN is 0.42%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Karlstad, the typical annual property tax bill reaches $364, significantly below the national median of $2,690. Property taxes in Karlstad 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 Karlstad'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 Karlstad 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
Karlstad, 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 Karlstad Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Karlstad with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Karlstad 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 Karlstad, Minnesota
Property taxes in Karlstad, Minnesota, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Karlstad is 0.42%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Karlstad set these rates annually, and they can vary across different neighborhoods. Each year, Karlstad 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 Karlstad's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56732 has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Karlstad provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Karlstad Tax Rate
0.42%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Karlstad, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56732 | 0.34% | 0.36% | 0.42% | 0.57% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Karlstad, Minnesota
In Karlstad, 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 local 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 Karlstad, 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 Karlstad helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56732 has the highest and lowest median tax bill at $364, indicating uniformity in the tax assessments across the region.
Average Karlstad Assessed Value
$92,400
Average Marshall County Assessed Value
$114,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Karlstad, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56732 | $26,840 | $40,700 | $92,400 | $146,250 | $177,280 |
Source: Ownwell
Property Tax Bills Across Karlstad, Minnesota
In Karlstad, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. For homeowners, this means that the value of their property, determined by the county assessor, plays a crucial role in determining their tax bill. In Marshall County, where Karlstad is located, the median home price is $92,400. The tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value. Homeowners in Karlstad can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $156, while at the 75th percentile, it rises to $554. For those at the higher end, the 90th percentile tax bill can reach up to $1,150. These variations reflect the differences in property values and local tax policies, impacting how much homeowners contribute towards community services and infrastructure.
Average Karlstad Tax Bill
$364
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Karlstad, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56732 | $86 | $156 | $364 | $554 | $1,150 |
Source: Ownwell