New Trier, Minnesota Property Taxes
The median property tax rate in New Trier, MN is 1.21%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in New Trier, the typical annual property tax bill reaches $2,710, exceeding the national median of $2,690. Property taxes in New Trier 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 New Trier'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 New Trier 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
New Trier, 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 New Trier Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Trier with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Trier 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 New Trier, Minnesota
Property taxes in New Trier, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in New Trier is 1.21%, significantly higher than the U.S. national median of 0.99%. Local government entities within New Trier set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Trier 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 New Trier's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55031 zip code has the highest median property tax rate of 1.21%, while the 55031 zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with New Trier provides valuable insights into the varying tax landscape across Dakota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Trier Tax Rate
1.21%
Average Dakota County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Trier, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55031 | 1.12% | 1.16% | 1.21% | 1.27% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across New Trier, Minnesota
In New Trier, 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 Dakota 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 New Trier, 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. The median home price in New Trier is $239,400, with tax bills ranging from $1,788 at the 25th percentile to $4,185 at the 90th percentile. The highest and lowest median tax bills, both $2,710, are found in the 55031 zip code. By understanding 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 New Trier helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Trier Assessed Value
$239,400
Average Dakota County Assessed Value
$344,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Trier, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55031 | $100,280 | $152,450 | $239,400 | $326,350 | $378,520 |
Source: Ownwell
Property Tax Bills Across New Trier, Minnesota
In New Trier, located in Dakota County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor’s office and reflects the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $239,400, homeowners can expect their tax bills to vary significantly. The tax bill for the 25th percentile is approximately $1,788, while at the 75th percentile, it rises to about $3,632. For those at the 90th percentile, the tax bill can be as high as $4,185. The highest and lowest median tax bills in the area both stand at $2,710, specifically in the 55031 zip code. These property tax bills can have a substantial impact on homeowners, influencing their monthly expenses and overall financial planning. Compared to the national median property tax rate of 0.99%, these figures highlight the variability and potential financial burden on residents in New Trier.
Average New Trier Tax Bill
$2,710
Average Dakota County Tax Bill
$3,728
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across New Trier, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55031 | $1,235 | $1,788 | $2,710 | $3,632 | $4,185 |
Source: Ownwell