Northfield, Minnesota Property Taxes
The median property tax rate in Northfield, MN is 1.00%, slightly above the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $385,050 in Northfield, the typical annual property tax bill reaches $3,920, significantly higher than the national median of $2,690. Property taxes in Northfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Northfield'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 Northfield or another part of Dakota County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Northfield, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$3,851
Ownwell’s Northfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northfield 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 Northfield, Minnesota
Property taxes in Northfield, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Northfield is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Northfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northfield 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 Northfield's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55057 has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Northfield provides valuable insights into the varying tax landscape across Dakota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Northfield Tax Rate
1.00%
Average Dakota County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55057 | 0.64% | 0.90% | 1.00% | 1.40% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Northfield, Minnesota
In Northfield, 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 Dakota 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 Northfield, 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. Northfield's median home price is $385,050, with tax bills ranging from $2,796 at the 25th percentile to $6,562 at the 90th percentile. The zip code 55057 has both the highest and lowest median tax bill at $3,920. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Northfield Assessed Value
$385,050
Average Dakota County Assessed Value
$344,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Northfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55057 | $135,060 | $263,225 | $385,050 | $489,625 | $648,710 |
Source: Ownwell
Property Tax Bills Across Northfield, Minnesota
In Northfield, Dakota County, MN, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $385,050, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors influencing the tax bill include the property's location, improvements, and any applicable exemptions or credits. In Northfield, the 25th percentile tax bill is $2,796, while the 75th percentile reaches $5,388, and the 90th percentile can go up to $6,562. These figures highlight the range of property tax burdens homeowners may face. Compared to the national median property tax rate of 0.99%, Northfield's property tax rates can significantly impact homeowners' annual expenses, emphasizing the importance of understanding local tax regulations and potential savings opportunities.
Average Northfield Tax Bill
$3,920
Average Dakota County Tax Bill
$3,728
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Northfield, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55057 | $1,178 | $2,796 | $3,920 | $5,388 | $6,562 |
Source: Ownwell