Nashua, Minnesota Property Taxes
The median property tax rate in Nashua, MN is 0.79%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Nashua at $171,300, the typical annual property tax bill is $1,358, which is significantly below the national median of $2,690. Property taxes in Nashua 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 Nashua'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 Nashua 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
Nashua, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,353
Ownwell’s Nashua Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Nashua with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nashua to provide an accurate estimate of your property tax bill. This user-friendly tool helps you understand potential tax liabilities, offering peace of mind and financial clarity. For those interested in neighborhood-specific trends, additional localized information is available further down the page. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Nashua, Minnesota
Property taxes in Nashua, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nashua is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Nashua set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nashua 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 Nashua's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56565 has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Nashua provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nashua Tax Rate
0.79%
Average Grant County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nashua, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56565 | 0.77% | 0.78% | 0.79% | 0.80% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Nashua, Minnesota
In Nashua, 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 Grant 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 Nashua, 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 Nashua helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Nashua is $1,358 in the 56565 zip code.
Average Nashua Assessed Value
$171,300
Average Grant County Assessed Value
$166,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nashua, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56565 | $136,100 | $153,650 | $171,300 | $181,825 | $186,550 |
Source: Ownwell
Property Tax Bills Across Nashua, Minnesota
In Nashua, located in Grant County, MN, property tax bills are calculated based on the assessed value of a home. The local assessor determines this value by evaluating the property's market value, which reflects what the home would likely sell for under current market conditions. Once the market value is established, the assessed value is typically a percentage of this figure, which is then multiplied by the local tax rate to determine the annual property tax bill. Homeowners in Nashua can expect their property tax bills to vary depending on their property's assessed value. For example, the 25th percentile tax bill is around $1,192, while the 75th percentile reaches $1,465. Comparatively, the 90th percentile tax bill is $1,496. These figures highlight the range of property tax obligations homeowners may face. When compared to the national median property tax rate of 0.99%, Nashua's property taxes can be relatively moderate, providing some relief to homeowners while still funding essential local services and infrastructure.
Average Nashua Tax Bill
$1,358
Average Grant County Tax Bill
$1,600
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Nashua, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56565 | $1,054 | $1,192 | $1,358 | $1,465 | $1,496 |
Source: Ownwell