Princeton, Minnesota Property Taxes
The median property tax rate in Princeton, MN is 0.85%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Princeton, the typical annual property tax bill reaches $2,629, slightly below the national median of $2,690. Property taxes in Princeton 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 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 Isanti 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 1.19%, which is higher than both the Minnesota state median of 1.12% and 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 1.19%, while the 55371 zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Princeton provides valuable insights into the varying tax landscape across Isanti County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Princeton Tax Rate
0.85%
Average Isanti County Tax Rate
0.95%
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 | 0.25% | 0.60% | 0.85% | 0.91% | 0.97% |
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 Isanti 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 highest and lowest median tax bills in the area are both $2,629 in the 55371 zip code, reflecting the local property tax landscape.
Average Princeton Assessed Value
$333,300
Average Isanti County Assessed Value
$289,100
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 | $132,100 | $237,150 | $333,300 | $461,900 | $613,200 |
Source: Ownwell
Property Tax Bills Across Princeton, Minnesota
In Princeton, Isanti County, MN, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value as determined by the county assessor. Various factors influence this value, including the property's location, size, and condition. The local tax rate is applied to this assessed value to calculate the annual tax bill. For example, with a median home price of $333,300, the tax bill can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $1,560, while those in the 75th percentile may see bills closer to $3,675. The top 10% of homeowners might face tax bills as high as $4,848. These property tax bills impact homeowners by directly influencing their annual expenses. Higher property taxes can affect affordability, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners budget more effectively and anticipate future financial obligations.
Average Princeton Tax Bill
$2,629
Average Isanti County Tax Bill
$2,982
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 | $352 | $1,560 | $2,629 | $3,675 | $4,848 |
Source: Ownwell