Clements, Minnesota Property Taxes
The median property tax rate in Clements, MN is 1.18%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Clements, the typical annual property tax bill reaches $928, which is significantly lower than the national median of $2,690. Property taxes in Clements 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 Clements' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Clements or another part of Redwood County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clements, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$986
Ownwell’s Clements Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Clements with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Clements to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular data, you can explore neighborhood-specific trends by scrolling down. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Clements, Minnesota
Property taxes in Clements, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clements is 1.18%, higher than the U.S. national median of 0.99%. Local government entities within Clements set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clements 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 Clements' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56224 has the highest median property tax rate of 1.18%, while also having the lowest median tax rate of 1.18%. Understanding how these cities compare with Clements provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clements Tax Rate
1.18%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clements, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56224 | 0.65% | 0.86% | 1.18% | 1.66% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Clements, Minnesota
In Clements, 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 Redwood 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 Clements, 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 Clements helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $928, found in the 56224 zip code.
Average Clements Assessed Value
$83,600
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clements, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56224 | $5,100 | $25,500 | $83,600 | $172,300 | $252,380 |
Source: Ownwell
Property Tax Bills Across Clements, Minnesota
Property tax bills in Clements, located in Redwood County, MN, are calculated based on the assessed value of a property and the local tax rate. The median home price in Clements is $83,600. Property assessments determine the taxable value of homes, which is then multiplied by the local tax rate to determine the annual tax bill. For instance, homeowners in the 25th percentile can expect to pay around $390 annually, while those in the 75th percentile may see tax bills closer to $1,470. The highest median tax bill recorded in the area is $928, which is consistent across the zip code 56224. Several factors influence these tax bills, including changes in property values and local government budget needs. Compared to the national median property tax rate of 0.99%, Clements homeowners experience varying tax impacts based on their property's assessed value and specific location within the county. This system ensures that property taxes are distributed fairly, reflecting the value and location of each property.
Average Clements Tax Bill
$928
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Clements, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56224 | $146 | $390 | $928 | $1,470 | $1,747 |
Source: Ownwell