New Prague, Minnesota Property Taxes
The median property tax rate in New Prague, MN is 0.65%, considerably lower 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 $498,700, the typical annual property tax bill reaches $2,749, slightly 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
0.65%
Estimate Property Tax Bill
$3,242
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 vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Prague is 0.65%, lower 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 zip code 56071 has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with New Prague 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 New Prague Tax Rate
0.65%
Average Rice County Tax Rate
0.89%
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 | 0.24% | 0.35% | 0.65% | 0.75% | 0.80% |
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 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. Assessment notices in New Prague 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. In New Prague, the median home price is $498,700, with the median tax bill being $2,749, consistent across zip code 56071.
Average New Prague Assessed Value
$498,700
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 New Prague, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56071 | $211,100 | $353,450 | $498,700 | $640,975 | $824,150 |
Source: Ownwell
Property Tax Bills Across New Prague, Minnesota
In New Prague, Rice County, MN, property tax bills are determined by several key factors. The primary component is the assessed value of the home, which is based on the market value. For instance, with a median home price of $498,700, the assessed value plays a significant role in calculating the tax owed. The local tax rate is then applied to this assessed value to determine the final tax bill. Homeowners in New Prague can expect a range in their property tax bills. The 25th percentile tax bill sits at $1,629, while the 75th percentile reaches up to $4,014, and the 90th percentile can go as high as $5,117. These figures indicate the variability in tax amounts depending on the property value and specific assessments. Comparatively, the highest and lowest median tax bills in the area are both $2,749, aligning with the national median property tax rate of 0.99%. This means homeowners in New Prague generally face tax bills that are reflective of national trends, but individual circumstances can lead to significant differences.
Average New Prague Tax Bill
$2,749
Average Rice County Tax Bill
$2,471
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 | $615 | $1,629 | $2,749 | $4,014 | $5,117 |
Source: Ownwell