Clarissa, Minnesota Property Taxes
The median property tax rate in Clarissa, MN is 0.92%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Clarissa at $152,750, the typical annual property tax bill is $1,040, significantly below the national median of $2,690. Property taxes in Clarissa are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Clarissa'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 Clarissa or another part of Todd County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clarissa, 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 Clarissa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clarissa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clarissa 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 Todd County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Clarissa, Minnesota
Property taxes in Clarissa, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clarissa is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Clarissa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clarissa 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 Clarissa's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56440 has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Clarissa provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clarissa Tax Rate
0.92%
Average Todd County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clarissa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56440 | 0.33% | 0.60% | 0.92% | 1.10% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Clarissa, Minnesota
In Clarissa, 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 Todd 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 Clarissa, 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 Clarissa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, in the 56440 zip code, the median tax bill is $1,040, reflecting the highest and lowest median tax bills in the area. The median home price in Clarissa is $152,750, with tax bills ranging from $586 at the 25th percentile to $2,558 at the 90th percentile.
Average Clarissa Assessed Value
$152,750
Average Todd County Assessed Value
$198,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clarissa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56440 | $22,750 | $78,450 | $152,750 | $254,475 | $355,550 |
Source: Ownwell
Property Tax Bills Across Clarissa, Minnesota
Property tax bills in Clarissa, located in Todd County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Clarissa, the median home price is $152,750. Property tax bills vary widely; the 25th percentile tax bill is $586, while the 75th percentile tax bill is $1,759. At the 90th percentile, the tax bill reaches $2,558. Comparatively, the national median property tax rate is 0.99%, highlighting that property tax rates in Clarissa can significantly impact homeowners' annual expenses. These taxes fund essential local services such as schools, infrastructure, and public safety, directly affecting the quality of life in the community. Understanding how property taxes are calculated helps homeowners in Clarissa plan their finances more effectively and anticipate annual costs.
Average Clarissa Tax Bill
$1,040
Average Todd County Tax Bill
$1,544
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Clarissa, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56440 | $175 | $586 | $1,040 | $1,759 | $2,558 |
Source: Ownwell