Nerstrand, Minnesota Property Taxes
The median property tax rate in Nerstrand, MN is 0.70%, which is significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $367,900 in Nerstrand, the typical annual property tax bill amounts to $2,630, slightly below the national median of $2,690. Property taxes in Nerstrand are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Nerstrand's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Nerstrand or another part of Goodhue County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nerstrand, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$2,575
Ownwell’s Nerstrand Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nerstrand with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nerstrand 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 Nerstrand, Minnesota
Property taxes in Nerstrand, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nerstrand is 0.70%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Nerstrand set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nerstrand 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 Nerstrand's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55053 has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Nerstrand provides valuable insights into the varying tax landscape across Goodhue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nerstrand Tax Rate
0.70%
Average Goodhue County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nerstrand, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55053 | 0.34% | 0.44% | 0.70% | 0.82% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Nerstrand, Minnesota
In Nerstrand, 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 Goodhue County Assessor 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 Nerstrand, 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. The median home price in Nerstrand is $367,900, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $2,048, while the 75th percentile tax bill is $3,610, and the 90th percentile tax bill reaches $4,780. The zip code 55053 has both the highest and lowest median tax bill at $2,630. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Nerstrand Assessed Value
$367,900
Average Goodhue County Assessed Value
$266,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nerstrand, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55053 | $208,100 | $278,900 | $367,900 | $773,800 | $1,265,540 |
Source: Ownwell
Property Tax Bills Across Nerstrand, Minnesota
In Nerstrand, Goodhue County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. For instance, homes in the 25th percentile of tax bills pay around $2,048 annually, while those in the 75th percentile pay approximately $3,610. At the 90th percentile, homeowners can expect to pay around $4,780. These tax bills can significantly impact homeowners, affecting their monthly mortgage payments and overall affordability. Compared to the national median property tax rate of 0.99%, the tax rates in Nerstrand provide a clear picture of local property tax obligations, helping homeowners budget effectively.
Average Nerstrand Tax Bill
$2,630
Average Goodhue County Tax Bill
$3,110
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Nerstrand, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55053 | $1,637 | $2,048 | $2,630 | $3,610 | $4,780 |
Source: Ownwell