Nerstrand, Minnesota Property Taxes
The median property tax rate in Nerstrand, MN is 0.64%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $347,300 in Nerstrand, the typical annual property tax bill is $2,060, falling below the national median of $2,690. Property taxes in Nerstrand are calculated based on the assessed value, which often is less than the market value due to various exemptions like those for primary residences and agricultural properties. Understanding the property tax system in Nerstrand, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Nerstrand or another part of Rice County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nerstrand, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$2,223
Ownwell’s Nerstrand Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nerstrand with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nerstrand 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 Rice County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Nerstrand, Minnesota
Property taxes in Nerstrand, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nerstrand is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Nerstrand set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nerstrand 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 Nerstrand's effective property tax rate to other areas in Rice County and the national median. For comparison, the zip code 55053 has both the highest and lowest median property tax rate of 0.64%. Understanding how these areas compare with Nerstrand provides valuable insights into the varying tax landscape across Rice County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nerstrand Tax Rate
0.64%
Average Rice County Tax Rate
0.89%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nerstrand, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55053 | 0.23% | 0.43% | 0.64% | 0.85% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Nerstrand, Minnesota
In Nerstrand, 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 Rice 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 Nerstrand, 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 Nerstrand helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55053 has the highest and lowest median tax bill, both at $2,060.
Average Nerstrand Assessed Value
$347,300
Average Rice County Assessed Value
$294,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nerstrand, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55053 | $88,000 | $203,150 | $347,300 | $544,650 | $833,240 |
Source: Ownwell
Property Tax Bills Across Nerstrand, Minnesota
In Nerstrand, located in Rice County, MN, property tax bills are calculated based on the assessed value of a home. The median home price in Nerstrand is $347,300, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the tax bill, including the property's market value, local tax rates, and any applicable exemptions or deductions. For homeowners, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $1,356, while the 75th percentile reaches $3,095. At the higher end, the 90th percentile tax bill is $4,254. These variations highlight how different property values and local tax rates can impact the overall tax obligation. Compared to the national median property tax rate of 0.99%, homeowners in Nerstrand might find their tax bills to be reflective of the local economic conditions and property values. Understanding these factors can help homeowners better anticipate their annual property tax expenses and plan their finances accordingly.
Average Nerstrand Tax Bill
$2,060
Average Rice County Tax Bill
$2,471
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Nerstrand, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55053 | $342 | $1,356 | $2,060 | $3,095 | $4,254 |
Source: Ownwell