Comfrey, Minnesota Property Taxes
The median property tax rate in Comfrey, MN is 0.27%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Comfrey, the typical annual property tax bill reaches $2,724, slightly exceeding the national median of $2,690. Property taxes in Comfrey 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 Comfrey'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 Comfrey 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
Comfrey, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.27%
Estimate Property Tax Bill
$1,405
Ownwell’s Comfrey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Comfrey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Comfrey 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 Comfrey, Minnesota
Property taxes in Comfrey, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Comfrey is 0.27%, significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Comfrey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Comfrey 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 Comfrey's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in Minnesota is found in zip code 55304 at 1.69%, while the lowest median tax rate is in zip code 56744 at 0.42%. Understanding how these cities compare with Comfrey provides valuable insights into the varying tax landscape across Watonwan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Comfrey Tax Rate
0.27%
Average Watonwan County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Comfrey, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56019 | 0.17% | 0.22% | 0.27% | 0.54% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Comfrey, Minnesota
In Comfrey, 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 Watonwan 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 Comfrey, 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. For instance, the highest median tax bill in Comfrey is $2,724 in the 56019 zip code, which also has the lowest median tax bill of $2,724. 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 Comfrey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Comfrey Assessed Value
$520,300
Average Watonwan County Assessed Value
$150,750
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Comfrey, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56019 | $138,400 | $178,550 | $520,300 | $1,789,800 | $2,390,040 |
Source: Ownwell
Property Tax Bills Across Comfrey, Minnesota
In Comfrey, located in Watonwan County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Comfrey, the property tax rate is a crucial factor in this calculation, and it can vary depending on local government budgets and voter-approved levies. Several factors influence the assessed value, including the home's market value, size, location, and any improvements made. Homeowners in Comfrey experience a range of tax bills; at the 25th percentile, tax bills are around $1,162, while at the 75th percentile, they rise to approximately $5,049. The 90th percentile sees tax bills as high as $6,332. These figures highlight the variability in tax burdens depending on property values and local tax rates. Compared to the national median property tax rate of 0.99%, Comfrey's tax landscape reflects the unique economic conditions and funding needs of the area. This variability can significantly impact homeowners' financial planning and overall cost of living.
Average Comfrey Tax Bill
$2,724
Average Watonwan County Tax Bill
$1,480
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Comfrey, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56019 | $553 | $1,162 | $2,724 | $5,049 | $6,332 |
Source: Ownwell