New Ulm, Minnesota Property Taxes
The median property tax rate in New Ulm, MN is 1.41%, 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 Ulm being $161,900, the typical annual property tax bill reaches $2,180, which is below the national median of $2,690. Property taxes in New Ulm are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Ulm'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 Ulm 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 Ulm, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$2,283
Ownwell’s New Ulm Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in New Ulm. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in New Ulm to provide an accurate estimate of your property tax bill. This helps you understand your potential tax liabilities with ease. For those interested in more granular data, additional neighborhood-level trends are available by scrolling down. Your property’s assessed value is determined by Brown County for tax purposes and includes any applicable exemptions.
Property Tax Rates Across New Ulm, Minnesota
Property taxes in New Ulm, 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 Ulm is 1.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within New Ulm set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Ulm 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 Ulm's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56073 has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with New Ulm provides valuable insights into the varying tax landscape across Brown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Ulm Tax Rate
1.41%
Average Brown County Tax Rate
1.37%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Ulm, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56073 | 0.78% | 1.26% | 1.41% | 1.52% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across New Ulm, Minnesota
In New Ulm, 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 Brown 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 Ulm, 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 Ulm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,180, found in the 56073 zip code.
Average New Ulm Assessed Value
$161,900
Average Brown County Assessed Value
$152,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Ulm, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56073 | $27,700 | $109,275 | $161,900 | $228,500 | $320,940 |
Source: Ownwell
Property Tax Bills Across New Ulm, Minnesota
In New Ulm, MN, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The median home price in New Ulm is $161,900. Local tax authorities determine the tax rate, which is then applied to the assessed value to calculate the annual tax bill. Various factors influence this process, including property size, location, and improvements. Homeowners in New Ulm can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,372, while at the 75th percentile, it rises to $2,999. At the 90th percentile, it reaches $4,203. The highest median tax bill recorded in the area is $2,180, which is above the national median property tax rate of 0.99%. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average New Ulm Tax Bill
$2,180
Average Brown County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across New Ulm, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56073 | $380 | $1,372 | $2,180 | $2,999 | $4,203 |
Source: Ownwell