New London, Minnesota Property Taxes
The median property tax rate in New London, MN is 0.97%, slightly below the state median of 1.11% but close to the national median of 0.99%. With a median home value of $257,100, the typical annual property tax bill amounts to $2,564, which is just under the national median of $2,690. Property taxes in New London are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding New London'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 London 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 London, 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 London Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in New London with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New London to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities and plan accordingly. For those interested in more granular details, explore neighborhood-specific trends further down the page. Your property’s assessed value is determined by Kandiyohi County for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across New London, Minnesota
Property taxes in New London, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in New London is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within New London set these rates annually, and they can vary significantly across different neighborhoods. Each year, New London 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 London's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56273 has both the highest and lowest median property tax rate in Kandiyohi County at 0.97%. Understanding how these cities compare with New London provides valuable insights into the varying tax landscape across Kandiyohi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New London Tax Rate
0.97%
Average Kandiyohi County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across New London, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56273 | 0.72% | 0.85% | 0.97% | 1.11% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across New London, Minnesota
In New London, 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 Kandiyohi 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 London, 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 New London helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in New London is $257,100, with the highest median tax bill observed in the 56273 zip code at $2,564.
Property Tax Assessment Values Across New London, Minnesota
Source: Ownwell
$150,200
$1,044,050
$1,937,900
Average New London Assessed Value
$257,100
Average Kandiyohi County Assessed Value
$222,850
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New London, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56273 | $101,500 | $167,300 | $257,100 | $387,675 | $538,300 |
Source: Ownwell
Property Tax Bills Across New London, Minnesota
In New London, Kandiyohi County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the home's market value, which in New London has a median home price of $257,100. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including property characteristics, market trends, and local levies for services like schools and infrastructure. For homeowners, this means that changes in the housing market or local tax policies can significantly affect their annual property tax expenses. In New London, the tax bill varies widely. For instance, the 25th percentile tax bill is $1,671, while the 75th percentile reaches $3,746. At the 90th percentile, homeowners can expect to pay around $5,022. This variability highlights the importance of understanding how local assessments and tax rates impact overall costs. The highest and lowest median tax bill in the area is $2,564, indicating a relatively stable tax environment within the zip code 56273.
Average New London Tax Bill
$2,564
Average Kandiyohi County Tax Bill
$2,360
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across New London, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56273 | $798 | $1,671 | $2,564 | $3,746 | $5,022 |
Source: Ownwell