Northrop, Minnesota Property Taxes
The median property tax rate in Northrop, MN is 1.48%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Northrop at $34,400, the typical annual property tax bill reaches $510, exceeding the national median of $2,690. Property taxes in Northrop 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 Northrop'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 Northrop 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
Northrop, 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 Northrop Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northrop with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northrop 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 Northrop, Minnesota
Property taxes in Northrop, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Northrop is 1.48%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Northrop set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northrop 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 Northrop's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56075 has both the highest and lowest median property tax rate of 1.48%. Understanding how these areas compare with Northrop provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Northrop Tax Rate
1.48%
Average Martin County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northrop, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56075 | 1.38% | 1.41% | 1.48% | 1.48% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Northrop, Minnesota
In Northrop, 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 Martin 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 Northrop, 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 Northrop helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Northrop are both $510.00, found in the 56075 zip code.
Average Northrop Assessed Value
$34,400
Average Martin County Assessed Value
$139,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Northrop, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56075 | $18,120 | $26,100 | $34,400 | $36,700 | $134,680 |
Source: Ownwell
Property Tax Bills Across Northrop, Minnesota
In Northrop, Martin County, MN, property tax bills are calculated based on the assessed value of a home. The local tax assessor determines this value, which is then multiplied by the local tax rate to generate the annual tax bill. For homeowners in Northrop, the median home price is $34,400. Property tax bills can vary significantly, with the 25th percentile at $386 and the 75th percentile reaching $544. At the 90th percentile, homeowners might see tax bills as high as $1,851. Comparatively, Northrop's median tax bill stands at $510, which is relatively modest against the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood developments, and changes in local tax rates can influence the assessed value and, consequently, the tax bill. Understanding these elements is crucial for homeowners to anticipate their annual financial obligations and plan accordingly.
Average Northrop Tax Bill
$510
Average Martin County Tax Bill
$1,428
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Northrop, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56075 | $262 | $386 | $510 | $544 | $1,851 |
Source: Ownwell