Newport, Minnesota Property Taxes
The median property tax rate in Newport, MN is 0.98%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Newport, the typical annual property tax bill reaches $328, significantly below the national median of $2,690. Property taxes in Newport 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 Newport'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 Newport 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
Newport, 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 Newport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport 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 Newport, Minnesota
Property taxes in Newport, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport 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 Newport's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55055 has the highest median property tax rate of 0.98%, and the same zip code also has the lowest median tax rate of 0.98%. Understanding how these cities compare with Newport provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport Tax Rate
0.98%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55055 | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Newport, Minnesota
In Newport, 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 Itasca 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 Newport, 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. Being aware of these valuation processes in Newport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Newport are both $328, found in the 55055 zip code.
Average Newport Assessed Value
$33,400
Average Itasca County Assessed Value
$169,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55055 | $33,400 | $33,400 | $33,400 | $33,400 | $33,400 |
Source: Ownwell
Property Tax Bills Across Newport, Minnesota
In Newport, located in Itasca County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor, who evaluates the property to estimate its market value. Once the market value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. In Newport, the median home price is $33,400, and the median property tax bill is consistently $328, regardless of the percentile. Several factors influence the assessed value, including the property's location, size, condition, and any improvements made. Homeowners in Newport experience a relatively low property tax rate compared to the national median of 0.99%. This lower tax rate can be beneficial for homeowners, making homeownership more affordable and potentially increasing the appeal of the area for new residents. However, it’s essential for homeowners to stay informed about their property assessments and any changes in local tax rates to manage their financial planning effectively.
Average Newport Tax Bill
$328
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55055 | $328 | $328 | $328 | $328 | $328 |
Source: Ownwell