Nassau, Minnesota Property Taxes
The median property tax rate in Nassau, MN is 1.11%, matching the state median but still higher than the national median of 0.99%. With a median home value of $26,300 in Nassau, the typical annual property tax bill amounts to $284, surpassing the national median of $2,690. Property taxes in Nassau are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Nassau'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 Nassau or another part of Lac qui Parle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nassau, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$292
Ownwell’s Nassau Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nassau with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nassau 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 Nassau, Minnesota
Property taxes in Nassau, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Nassau is 1.11%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Nassau set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nassau 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 Nassau's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56257 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Nassau provides valuable insights into the varying tax landscape across Lac qui Parle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nassau Tax Rate
1.11%
Average Lac Qui Parle County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nassau, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56257 | 0.75% | 0.83% | 1.11% | 1.50% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Nassau, Minnesota
In Nassau, 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 county's 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 Nassau, 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 Nassau helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $284 in zip code 56257, which is also the lowest median tax bill, highlighting a uniformity in tax burdens across the region.
Average Nassau Assessed Value
$26,300
Average Lac Qui Parle County Assessed Value
$124,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nassau, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56257 | $4,860 | $10,200 | $26,300 | $41,400 | $71,620 |
Source: Ownwell
Property Tax Bills Across Nassau, Minnesota
Property tax bills in Nassau, situated in Lac qui Parle County, MN, are calculated based on the assessed value of a property and the local tax rate. The process begins with the county assessor determining the market value of a home, which is then used to calculate its assessed value. This assessed value is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the final tax bill, including property location, home size, and any applicable exemptions. In Nassau, the median home price is $26,300, and property tax bills can vary significantly. For instance, homeowners in the 25th percentile pay around $116 annually, while those in the 75th percentile face bills of approximately $476. At the 90th percentile, the tax bill can reach up to $658. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the quality of life and community resources in Nassau.
Average Nassau Tax Bill
$284
Average Lac Qui Parle County Tax Bill
$1,448
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Nassau, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56257 | $73 | $116 | $284 | $476 | $658 |
Source: Ownwell