New Richland, Minnesota Property Taxes
The median property tax rate in New Richland, MN is 1.22%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in New Richland at $157,900, the typical annual property tax bill reaches $2,064, which is below the national median of $2,690. Property taxes in New Richland 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 New Richland'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 Richland 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 Richland, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$1,926
Ownwell’s New Richland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Richland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Richland 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 New Richland, Minnesota
Property taxes in New Richland, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Richland is 1.22%, which is higher than the U.S. national median of 0.99%. Local government entities within New Richland set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Richland 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 Richland's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56072 has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with New Richland provides valuable insights into the varying tax landscape across Waseca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Richland Tax Rate
1.22%
Average Waseca County Tax Rate
1.46%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Richland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56072 | 0.47% | 0.87% | 1.22% | 1.59% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across New Richland, Minnesota
In New Richland, 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 Waseca County Assessor's Office 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 Richland, 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 Richland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the 56072 zip code are both $2,064.
Property Tax Assessment Values Across New Richland, Minnesota
Source: Ownwell
$113,000
$460,500
$808,000
Average New Richland Assessed Value
$157,900
Average Waseca County Assessed Value
$185,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Richland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56072 | $72,020 | $111,300 | $157,900 | $280,500 | $547,200 |
Source: Ownwell
Property Tax Bills Across New Richland, Minnesota
In New Richland, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, recent sales of comparable properties, and improvements or renovations made to the property. For homeowners in New Richland, the median home price is $157,900. Tax bills can vary significantly, with the 25th percentile at $1,432, the 75th percentile at $2,872, and the 90th percentile reaching up to $4,139. The highest and lowest median tax bills in the area are both $2,064, showing some consistency in tax assessments. Compared to the national median property tax rate of 0.99%, New Richland's property taxes can be seen as relatively moderate. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners.
Average New Richland Tax Bill
$2,064
Average Waseca County Tax Bill
$2,536
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across New Richland, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56072 | $787 | $1,432 | $2,064 | $2,872 | $4,139 |
Source: Ownwell