New York Mills, Minnesota Property Taxes
The median property tax rate in New York Mills, MN is 0.86%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in New York Mills at $189,100, the typical annual property tax bill amounts to $1,675, which is below the national median of $2,690. Property taxes in New York Mills are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding New York Mills' 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 York Mills or another part of Otter Tail County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New York Mills, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,626
Ownwell’s New York Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New York Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New York Mills 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 York Mills, Minnesota
Property taxes in New York Mills, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New York Mills is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within New York Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, New York Mills 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 York Mills' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56567 has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with New York Mills provides valuable insights into the varying tax landscape across Otter Tail County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New York Mills Tax Rate
0.86%
Average Otter Tail County Tax Rate
0.74%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across New York Mills, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56567 | 0.44% | 0.71% | 0.86% | 1.23% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across New York Mills, Minnesota
In New York Mills, MN, 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 Otter Tail 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 York Mills, 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. The median home price in New York Mills stands at $189,100, with tax bills ranging from $990 at the 25th percentile to $3,223 at the 90th percentile. 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 York Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across New York Mills, Minnesota
Source: Ownwell
$143,950
$274,175
$404,400
Average New York Mills Assessed Value
$189,100
Average Otter Tail County Assessed Value
$204,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New York Mills, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56567 | $45,000 | $104,950 | $189,100 | $284,600 | $434,400 |
Source: Ownwell
Property Tax Bills Across New York Mills, Minnesota
In New York Mills, located in Otter Tail 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 instance, with a median home price of $189,100, property taxes can vary significantly. The tax bill for the 25th percentile is approximately $990, while those in the 75th percentile pay around $2,388. At the 90th percentile, homeowners could see tax bills as high as $3,223. Several factors influence these tax bills, including the property's assessed value, applicable exemptions, and the local tax rate. Compared to the national median property tax rate of 0.99%, homeowners in New York Mills experience a range of tax burdens depending on their property's valuation. These property taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding these factors can help homeowners anticipate their annual tax obligations better.
Average New York Mills Tax Bill
$1,675
Average Otter Tail County Tax Bill
$1,674
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across New York Mills, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56567 | $425 | $990 | $1,675 | $2,388 | $3,223 |
Source: Ownwell