Norcross, Minnesota Property Taxes
The median property tax rate in Norcross, Minnesota is 0.72%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Norcross at $84,900, the typical annual property tax bill amounts to $681, significantly below the national median of $2,690. Property taxes in Norcross are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Norcross'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 Norcross 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
Norcross, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Norcross Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norcross with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norcross 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 Norcross, Minnesota
Property taxes in Norcross, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norcross is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Norcross set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norcross 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 Norcross's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56274 has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Norcross provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norcross Tax Rate
0.72%
Average Grant County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norcross, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56274 | 0.27% | 0.55% | 0.72% | 0.85% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Norcross, Minnesota
In Norcross, 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 Grant 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 Norcross, 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. The median home price in Norcross is $84,900. The zip code with the highest median tax bill is 56274, with a median tax bill of $681. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Norcross Assessed Value
$84,900
Average Grant County Assessed Value
$166,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norcross, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56274 | $10,400 | $29,050 | $84,900 | $230,075 | $987,750 |
Source: Ownwell
Property Tax Bills Across Norcross, Minnesota
In Norcross, property tax bills are determined based on the assessed value of your home, which is calculated by local authorities. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. For homeowners in Norcross, the median home price is $84,900. Property tax bills can vary significantly depending on the value of the property and the specific tax rate applied. For instance, the 25th percentile of tax bills is around $216, while the 75th percentile reaches $1,524, and the 90th percentile can go as high as $3,257. These figures illustrate the range of what homeowners might expect to pay. The highest median tax bill in the region is $681, which is significantly below the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence your tax bill. Understanding these elements can help homeowners anticipate and manage their property tax obligations more effectively.
Average Norcross Tax Bill
$681
Average Grant County Tax Bill
$1,600
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Norcross, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56274 | $53 | $216 | $681 | $1,524 | $3,257 |
Source: Ownwell