Princeton, Minnesota Property Taxes
The median property tax rate in Princeton, MN is 0.68%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Princeton at $198,850, the typical annual property tax bill reaches $1,138, significantly below the national median of $2,690. Property taxes in Princeton 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 Princeton'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 Princeton or another part of Benton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton, 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 Princeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton 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 Princeton, Minnesota
Property taxes in Princeton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton is 0.68%, which is below the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55371 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these areas compare with Princeton provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Princeton Tax Rate
0.68%
Average Benton County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princeton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55371 | 0.31% | 0.54% | 0.68% | 0.74% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Minnesota
In Princeton, 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 Benton 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 Princeton, 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 Princeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Princeton is $198,850, with tax bills ranging from $417 at the 25th percentile to $3,227 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 55371, at $1,138.
Average Princeton Assessed Value
$198,850
Average Benton County Assessed Value
$250,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Princeton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55371 | $8,300 | $114,000 | $198,850 | $348,575 | $450,800 |
Source: Ownwell
Property Tax Bills Across Princeton, Minnesota
Property tax bills in Princeton, located in Benton County, MN, are calculated based on the assessed value of the property and the local tax rate. The median home price in Princeton is $198,850, which serves as a benchmark for determining tax obligations. The local tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property improvements, market conditions, and neighborhood developments can influence the assessed value, thereby affecting the tax bill. For homeowners in Princeton, tax bills can vary significantly. At the 25th percentile, tax bills are around $417, while at the 75th percentile, they can reach up to $2,010. The top 10% of tax bills even soar to $3,227. Comparatively, the national median property tax rate is 0.99%, making Princeton's tax environment relatively moderate. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Princeton Tax Bill
$1,138
Average Benton County Tax Bill
$2,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55371 | $73 | $417 | $1,138 | $2,010 | $3,227 |
Source: Ownwell