Property Taxes 101

by Karen Stang, Owner

 One of my favorite musical groups is the Beatles! Around this time of year, the lyrics from their song “Taxman” run through my mind:

Let me tell you how it will be / There’s one for you, nineteen for me / I’m the taxman / Yeah, I’m the taxman.

The Beatles Tax and Your Property Taxes

Paying taxes is an inevitable part of home ownership. Since property taxes are part of your total monthly payment, knowing how much you will pay can greatly impact your home-buying decision. We are here to help you understand what your tax amount is roughly based on. 

To demonstrate how much they can vary, here are the property tax rates for several Twin Cities communities: 

Lake Elmo (School District 834) .814807%  

Woodbury (School District 833) 1.00948%  

Mendota Heights (School District 197) .85202% 

Afton (School District 833) .81179% 

Edina (School District 273) Class rate of 1% times base value, base times tax rate for that section of the city 106.979 (total tax extension) 

St. Paul (School District 625) 1.03299% 

Roseville (School District 623) 1.25019%  

finances calculator

The tax assessor takes the assessed value of your home times the tax (or class) rate and then factors in a unique combination of school district, watershed district, and any additional levies. To learn more, you can utilize the tax calculator found on county websites, such as this tax calculator for Washington County. Alternatively, you can contact your local Property Taxpayer Services for exact amounts. 

The Proposed Property Tax Notice, also called the “Truth In Taxation” notice, is mailed in mid-November. This shares an estimate of the property tax that owners will pay the following year. Final property tax statements are then mailed by the end of March of that tax year, so watch for this notice coming soon to you! 

Want to know more? Chat with one of our expert Realtors today!