Nielsville, Minnesota Property Taxes
The median property tax rate in Nielsville, MN is 0.78%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $213,100 in Nielsville, the typical annual property tax bill amounts to $1,670, well below the national median of $2,690. Property taxes in Nielsville are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Nielsville'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 Nielsville or another part of Norman County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nielsville, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,662
Ownwell’s Nielsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nielsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nielsville 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 Nielsville, Minnesota
Property taxes in Nielsville, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nielsville is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Nielsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nielsville 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 Nielsville's effective property tax rate to other areas in Norman County and the national median. For comparison, the zip code 56568 has both the highest and lowest median property tax rate of 0.78%. Understanding how these areas compare with Nielsville provides valuable insights into the varying tax landscape across Norman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nielsville Tax Rate
0.78%
Average Norman County Tax Rate
1.16%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nielsville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56568 | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Nielsville, Minnesota
In Nielsville, 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 Norman 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 Nielsville, 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. Nielsville's median home price is $213,100, with the median tax bill standing at $1,670. The highest and lowest median tax bills in the area are both $1,670, occurring in the 56568 zip code. 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 Nielsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Nielsville Assessed Value
$213,100
Average Norman County Assessed Value
$94,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nielsville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56568 | $213,100 | $213,100 | $213,100 | $213,100 | $213,100 |
Source: Ownwell
Property Tax Bills Across Nielsville, Minnesota
In Nielsville, located in Norman County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Nielsville face a median tax bill of $1,670, which is consistent across various percentiles, indicating a uniform tax rate application. The property tax rate in Nielsville is derived from the local government’s budgetary needs and is applied uniformly to all assessed property values. This means that homeowners with properties assessed at the median home price of $213,100 can expect a tax bill around $1,670. Compared to the national median property tax rate of 0.99%, Nielsville’s property tax rate is competitive and provides a predictable expense for homeowners. Property taxes fund essential local services such as schools, public safety, and infrastructure maintenance, directly impacting the quality of life in the community. Thus, understanding how property tax bills are calculated helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Nielsville Tax Bill
$1,670
Average Norman County Tax Bill
$979
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Nielsville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56568 | $1,670 | $1,670 | $1,670 | $1,670 | $1,670 |
Source: Ownwell