New Prague, Minnesota Property Taxes
The median property tax rate in New Prague, MN is 1.21%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in New Prague at $363,800, the typical annual property tax bill reaches $3,763, exceeding the national median of $2,690. Property taxes in New Prague 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 New Prague'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 New Prague 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
New Prague, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$4,402
Ownwell’s New Prague Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Prague with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Prague 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 New Prague, Minnesota
Property taxes in New Prague, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Prague is 1.21%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within New Prague set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Prague 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 New Prague's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56071 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with New Prague provides valuable insights into the varying tax landscape across Le Sueur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Prague Tax Rate
1.21%
Average Le Sueur County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Prague, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56071 | 0.88% | 0.94% | 1.21% | 1.29% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across New Prague, Minnesota
In New Prague, 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 Le Sueur 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 New Prague, 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 New Prague helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in New Prague, with a median home price of $363,800, is $3,763, which is comparable to the national median property tax rate of 0.99%.
Average New Prague Assessed Value
$363,800
Average Le Sueur County Assessed Value
$290,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Prague, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56071 | $203,990 | $263,650 | $363,800 | $442,700 | $550,410 |
Source: Ownwell
Property Tax Bills Across New Prague, Minnesota
In New Prague, located in Le Sueur County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Once the market value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in New Prague, the median home price is $363,800. This translates to varying tax bills depending on the assessed value and specific tax rates. For instance, the tax bill at the 25th percentile is $2,874, while at the 75th percentile, it rises to $5,112. The 90th percentile tax bill can reach up to $5,894. The highest and lowest median tax bills in the area both stand at $3,763, highlighting a relatively consistent tax burden across different properties. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in New Prague.
Average New Prague Tax Bill
$3,763
Average Le Sueur County Tax Bill
$3,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across New Prague, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56071 | $2,256 | $2,874 | $3,763 | $5,112 | $5,894 |
Source: Ownwell