Nashwauk, Minnesota Property Taxes
The median property tax rate in Nashwauk, MN is 0.96%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Nashwauk at $239,400, the typical annual property tax bill amounts to $2,288, which is below the national median of $2,690. Property taxes in Nashwauk are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Nashwauk'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 Nashwauk or another part of St. Louis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nashwauk, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$2,298
Ownwell’s Nashwauk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nashwauk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nashwauk 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 Nashwauk, Minnesota
Property taxes in Nashwauk, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nashwauk is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Nashwauk set these rates annually, and they can vary across different neighborhoods. Each year, Nashwauk 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 Nashwauk's effective property tax rate to other areas in St. Louis County and the national median. For comparison, the zip code 55769 has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Nashwauk provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nashwauk Tax Rate
0.96%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nashwauk, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55769 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Nashwauk, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Nashwauk, Minnesota. 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 St. Louis 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 Nashwauk, 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. The median home price in Nashwauk is $239,400, with the highest and lowest median tax bills being $2,288 in the 55769 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Nashwauk Assessed Value
$239,400
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nashwauk, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55769 | $239,400 | $239,400 | $239,400 | $239,400 | $239,400 |
Source: Ownwell
Property Tax Bills Across Nashwauk, Minnesota
In Nashwauk, located in St. Louis County, MN, property tax bills are calculated based on the assessed value of a property. The tax assessor determines this value, which is often a percentage of the property's market value. For instance, with a median home price of $239,400, homeowners can expect their property tax bill to be around $2,288. This figure is consistent across various percentiles, indicating a uniform tax rate within the city. Factors influencing the tax bill include the property's assessed value and the local tax rate. The assessed value is influenced by the property's location, size, and condition, while the tax rate is determined by local government budgets and funding needs. The tax rate in Nashwauk is relatively high compared to the national median property tax rate of 0.99%. For homeowners, this means that property taxes can significantly impact annual expenses. Understanding how these taxes are calculated can help homeowners plan their finances better and potentially appeal their assessed value if they believe it to be inaccurate.
Average Nashwauk Tax Bill
$2,288
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Nashwauk, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55769 | $2,288 | $2,288 | $2,288 | $2,288 | $2,288 |
Source: Ownwell