New Germany, Minnesota Property Taxes
The median property tax rate in New Germany, MN is 0.98%, slightly below the state median of 1.11% but still comparable to the national median of 0.99%. With the median home value in New Germany at $321,800, the typical annual property tax bill amounts to $3,440, significantly higher than the national median of $2,690. Property taxes in New Germany 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 Germany'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 Germany or another part of Carver County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Germany, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$3,154
Ownwell’s New Germany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Germany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Germany 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 Germany, Minnesota
Property taxes in New Germany, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Germany is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within New Germany set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Germany 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 Germany's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55367 has the same median property tax rate of 0.98%. Understanding how these cities compare with New Germany provides valuable insights into the varying tax landscape across Carver County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Germany Tax Rate
0.98%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Germany, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55367 | 0.38% | 0.83% | 0.98% | 1.50% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across New Germany, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in New Germany, Minnesota. 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 Carver 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 New Germany, 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, in New Germany, the median home price stands at $321,800, with tax bills ranging from $2,685 at the 25th percentile to $5,289 at the 90th percentile. The zip code 55367 has the highest and lowest median tax bill at $3,440. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Germany Assessed Value
$321,800
Average Carver County Assessed Value
$399,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Germany, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55367 | $185,600 | $229,700 | $321,800 | $509,200 | $786,700 |
Source: Ownwell
Property Tax Bills Across New Germany, Minnesota
In New Germany, located in Carver County, MN, property tax bills are calculated based on the assessed value of the property. The median home price in this region is $321,800, which plays a significant role in determining the property tax bill. The local tax rate, combined with the assessed property value, results in the final tax amount. For instance, the tax bill at the 25th percentile is $2,685, while at the 75th percentile, it rises to $4,420, and at the 90th percentile, it reaches $5,289. Several factors influence the tax bill, including the property's market value, local tax rates, and any applicable exemptions or deductions. Homeowners in New Germany experience a range of property tax burdens, with the highest median tax bill recorded at $3,440 in the zip code 55367. Compared to the national median property tax rate of 0.99%, New Germany's property taxes can significantly impact homeowners' financial planning and cost of living.
Average New Germany Tax Bill
$3,440
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across New Germany, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55367 | $2,024 | $2,685 | $3,440 | $4,420 | $5,289 |
Source: Ownwell