Princeton, Minnesota Property Taxes
The median property tax rate in Princeton, MN is 0.78%, which is notably 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 $2,909, surpassing the national median of $2,690. Property taxes in Princeton are determined based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural purposes. Gaining a thorough understanding of Princeton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Princeton 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
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton is 0.78%, which is lower than both the Minnesota state median 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 both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Princeton provides valuable insights into the varying tax landscape across Sherburne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Princeton Tax Rate
0.78%
Average Sherburne County Tax Rate
1.08%
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 | 0.73% | 0.76% | 0.78% | 0.80% | 0.85% |
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 Sherburne 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. For instance, the median home price in Princeton is $365,750, with tax bills ranging from $2,462 at the 25th percentile to $4,068 at the 90th percentile. The highest and lowest median tax bills are both $2,909 in zip code 55371. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Princeton Assessed Value
$365,750
Average Sherburne County Assessed Value
$345,300
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 | $157,080 | $308,600 | $365,750 | $428,800 | $498,500 |
Source: Ownwell
Property Tax Bills Across Princeton, Minnesota
In Princeton, Sherburne County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Princeton is $365,750, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Princeton can expect their tax bills to vary, with the 25th percentile tax bill at $2,462 and the 75th percentile tax bill at $3,462. For those in the 90th percentile, the tax bill can reach up to $4,068. Comparatively, the national median property tax rate is 0.99%, and Princeton's rates reflect local economic conditions and public service funding needs. With the highest and lowest median tax bills both at $2,909 in the 55371 zip code, homeowners in Princeton should be aware of how these factors collectively impact their annual property tax obligations.
Average Princeton Tax Bill
$2,909
Average Sherburne County Tax Bill
$3,686
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 | $1,973 | $2,462 | $2,909 | $3,462 | $4,068 |
Source: Ownwell