Prinsburg, Minnesota Property Taxes
The median property tax rate in Prinsburg, MN is 1.41%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Prinsburg, the typical annual property tax bill reaches $2,144, exceeding the national median of $2,690. Property taxes in Prinsburg 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 Prinsburg'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 Prinsburg or another part of Kandiyohi County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prinsburg, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$2,393
Ownwell’s Prinsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prinsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prinsburg 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 Prinsburg, Minnesota
Property taxes in Prinsburg, Minnesota, are essential for funding vital local services like public schools, road maintenance, and emergency services. The median tax rate in Prinsburg is 1.41%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Prinsburg set these rates annually, and they can vary considerably across different neighborhoods. Each year, Prinsburg 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 Prinsburg's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56281 has both the highest and lowest median property tax rate of 1.41%. Understanding how these cities compare with Prinsburg provides valuable insights into the varying tax landscape across Kandiyohi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prinsburg Tax Rate
1.41%
Average Kandiyohi County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prinsburg, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56281 | 0.73% | 1.15% | 1.41% | 1.52% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Prinsburg, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Prinsburg, Minnesota. 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 Kandiyohi 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 Prinsburg, 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. For instance, the median home price in Prinsburg is $169,700, with tax bills ranging from $1,574 at the 25th percentile to $4,755 at the 90th percentile. The highest and lowest median tax bills both stand at $2,144, specifically in the 56281 zip code. By understanding 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.
Property Tax Assessment Values Across Prinsburg, Minnesota
Source: Ownwell
$150,200
$1,044,050
$1,937,900
Average Prinsburg Assessed Value
$169,700
Average Kandiyohi County Assessed Value
$222,850
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prinsburg, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56281 | $84,340 | $123,700 | $169,700 | $241,200 | $363,220 |
Source: Ownwell
Property Tax Bills Across Prinsburg, Minnesota
In Prinsburg, Kandiyohi County, MN, property tax bills are determined by assessing the market value of a home and applying the local tax rate to that value. With a median home price of $169,700, homeowners in Prinsburg can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $1,574, while those in the 75th percentile pay approximately $3,024. At the higher end, the 90th percentile tax bill reaches up to $4,755. Factors influencing the tax bill include the assessed market value of the property, local tax rates, and any applicable exemptions or deductions. These property taxes are crucial for funding local services such as schools, infrastructure, and public safety. Compared to the national median property tax rate of 0.99%, Prinsburg's rates can be considered moderate to high, impacting homeowners' annual budgets. The highest and lowest median tax bills in the area are both reported at $2,144, reflecting consistent valuation practices within the 56281 zip code.
Average Prinsburg Tax Bill
$2,144
Average Kandiyohi County Tax Bill
$2,360
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Prinsburg, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56281 | $1,043 | $1,574 | $2,144 | $3,024 | $4,755 |
Source: Ownwell