New Auburn, Minnesota Property Taxes
The median property tax rate in New Auburn, MN is 1.71%, 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 Auburn at $97,700, the typical annual property tax bill reaches $1,348, exceeding the national median of $2,690. Property taxes in New Auburn 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 Auburn'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 Auburn 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 Auburn, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$1,671
Ownwell’s New Auburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Auburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Auburn 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 Auburn, Minnesota
Property taxes in New Auburn, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Auburn is 1.71%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within New Auburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Auburn 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 Auburn's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55366 has the highest median property tax rate of 1.71%, while the lowest median tax rate is also 1.71% in the same zip code. Understanding how these cities compare with New Auburn provides valuable insights into the varying tax landscape across Sibley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Auburn Tax Rate
1.71%
Average Sibley County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Auburn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55366 | 1.20% | 1.51% | 1.71% | 2.07% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across New Auburn, Minnesota
In New Auburn, 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 Sibley 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 Auburn, 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 Auburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,348, found in the 55366 zip code.
Average New Auburn Assessed Value
$97,700
Average Sibley County Assessed Value
$273,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Auburn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55366 | $4,500 | $12,000 | $97,700 | $172,200 | $243,240 |
Source: Ownwell
Property Tax Bills Across New Auburn, Minnesota
In New Auburn, Sibley County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. Factors such as the property's size, location, and condition are taken into account. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in New Auburn, the median home price is $97,700. The property tax rate in this region results in a variety of tax bills. For example, the 25th percentile tax bill is $262, while the 75th percentile tax bill is $2,826, highlighting the range of possible tax burdens. At the 90th percentile, the tax bill can reach up to $4,095. These property taxes fund essential public services such as schools, emergency services, and infrastructure. Understanding how these factors influence your tax bill can help homeowners in New Auburn better anticipate their annual expenses and plan their finances accordingly.
Average New Auburn Tax Bill
$1,348
Average Sibley County Tax Bill
$2,314
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across New Auburn, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55366 | $97 | $262 | $1,348 | $2,826 | $4,095 |
Source: Ownwell