Norcross, Minnesota Property Taxes
The median property tax rate in Norcross, MN is 0.90%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Norcross at $90,700, the typical annual property tax bill amounts to $960, falling below the national median of $2,690. Property taxes in Norcross are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Gaining a comprehensive understanding of Norcross'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 Norcross 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
Norcross, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$816
Ownwell’s Norcross Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norcross with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norcross 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 Norcross, Minnesota
Property taxes in Norcross, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norcross is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Norcross set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norcross 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 Norcross's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56274 has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Norcross provides valuable insights into the varying tax landscape across Traverse County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norcross Tax Rate
0.90%
Average Traverse County Tax Rate
1.63%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norcross, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56274 | 0.86% | 0.89% | 0.90% | 1.03% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Norcross, Minnesota
In Norcross, 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 Traverse 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 Norcross, 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 Norcross helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $960 in the 56274 zip code, which also represents the lowest median tax bill, reflecting a consistent tax environment.
Average Norcross Assessed Value
$90,700
Average Traverse County Assessed Value
$55,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norcross, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56274 | $45,780 | $77,700 | $90,700 | $138,900 | $141,540 |
Source: Ownwell
Property Tax Bills Across Norcross, Minnesota
In Norcross, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $90,700. Homeowners can expect their tax bills to vary, with the 25th percentile at $624 and the 75th percentile at $1,224. The highest median tax bill recorded is $960 in the 56274 zip code, which is also the lowest median tax bill for the same area, indicating a consistent tax rate. Several factors contribute to the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These elements collectively determine the amount a homeowner will owe annually. Compared to the national median property tax rate of 0.99%, Norcross homeowners may find their tax bills relatively manageable, though individual circumstances can cause variations. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Norcross Tax Bill
$960
Average Traverse County Tax Bill
$718
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Norcross, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56274 | $490 | $624 | $960 | $1,224 | $1,265 |
Source: Ownwell