Nielsville, Minnesota Property Taxes
The median property tax rate in Nielsville, MN is 2.74%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Nielsville, the typical annual property tax bill reaches $1,330, exceeding the national median of $2,690. Property taxes in Nielsville 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 Nielsville'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 Nielsville 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
Nielsville, 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 Nielsville Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Nielsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nielsville to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Polk County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Nielsville, Minnesota
Property taxes in Nielsville, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Nielsville is 2.74%, significantly higher than the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Nielsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nielsville 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 Nielsville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56568 zip code has the highest median property tax rate of 2.74%, while the same zip code also holds the lowest median tax rate of 2.74%. Understanding how these cities compare with Nielsville provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nielsville Tax Rate
2.74%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nielsville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56568 | 0.62% | 0.94% | 2.74% | 3.78% | 4.95% |
Source: Ownwell
Property Tax Assessment Values Across Nielsville, Minnesota
In Nielsville, 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 Polk 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 Nielsville, 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 Nielsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 56568, both at $1,330.
Average Nielsville Assessed Value
$40,200
Average Polk County Assessed Value
$183,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nielsville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56568 | $11,240 | $26,200 | $40,200 | $226,000 | $712,560 |
Source: Ownwell
Property Tax Bills Across Nielsville, Minnesota
In Nielsville, Polk County, MN, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Nielsville is $40,200. To determine your tax bill, local assessors first estimate the market value of your property. This value is then multiplied by the local tax rate to calculate the amount owed. For instance, homeowners in the 25th percentile can expect a tax bill around $842, while those in the 75th percentile might see a bill closer to $2,376. At the higher end, the 90th percentile tax bill reaches $3,601. The highest median tax bill in the area is $1,330, which is significantly higher than the national median property tax rate of 0.99%. These property taxes directly impact homeowners by influencing their annual expenses and potentially affecting their ability to maintain or sell their property. Understanding these factors can help homeowners better plan their finances and make informed decisions.
Average Nielsville Tax Bill
$1,330
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Nielsville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56568 | $454 | $842 | $1,330 | $2,376 | $3,601 |
Source: Ownwell