Nevis, Minnesota Property Taxes
The median property tax rate in Nevis, MN is 0.71%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Nevis at $272,500, the typical annual property tax bill amounts to $1,972, which is also below the national median of $2,690. Property taxes in Nevis are determined based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Nevis'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 Nevis 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
Nevis, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,935
Ownwell’s Nevis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nevis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nevis 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 Nevis, Minnesota
Property taxes in Nevis, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nevis is 0.71%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Nevis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nevis 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 Nevis's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56467 zip code has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Nevis provides valuable insights into the varying tax landscape across Hubbard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nevis Tax Rate
0.71%
Average Hubbard County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nevis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56467 | 0.60% | 0.67% | 0.71% | 0.75% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Nevis, Minnesota
In Nevis, 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 Hubbard 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. 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, the median home price in Nevis is $272,500, with tax bills ranging from $1,192 at the 25th percentile to $3,834 at the 90th percentile. The zip code 56467 holds both the highest and lowest median tax bills at $1,972. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Nevis Assessed Value
$272,500
Average Hubbard County Assessed Value
$236,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nevis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56467 | $81,100 | $154,550 | $272,500 | $403,350 | $538,700 |
Source: Ownwell
Property Tax Bills Across Nevis, Minnesota
In Nevis, located in Hubbard 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. For a median home price of $272,500, homeowners can expect their tax bills to vary significantly. Factors such as property size, location, and improvements play a role in determining the assessed value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. In Nevis, the tax bill ranges from $1,192 at the 25th percentile to $3,834 at the 90th percentile, with a median tax bill of $1,972. This variability highlights the influence of property characteristics and local tax policies on homeowners' financial obligations. Compared to the national median property tax rate of 0.99%, Nevis homeowners experience a range of tax burdens that can significantly impact their annual expenses, making it crucial for them to understand how their tax bills are determined.
Average Nevis Tax Bill
$1,972
Average Hubbard County Tax Bill
$1,832
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Nevis, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56467 | $576 | $1,192 | $1,972 | $2,846 | $3,834 |
Source: Ownwell