Nashua, Minnesota Property Taxes
The median property tax rate in Nashua, MN is 0.90%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $70,300 in Nashua, the typical annual property tax bill is $564, significantly below the national median of $2,690. Property taxes in Nashua 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 Nashua'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 Nashua 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
Nashua, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$633
Ownwell’s Nashua Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Nashua with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nashua to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Wilkin County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Nashua, Minnesota
Property taxes in Nashua, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nashua is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Nashua set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nashua 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 Nashua's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56565 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Nashua provides valuable insights into the varying tax landscape across Wilkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nashua Tax Rate
0.90%
Average Wilkin County Tax Rate
0.90%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nashua, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56565 | 0.73% | 0.82% | 0.90% | 1.04% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Nashua, Minnesota
In Nashua, 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 Wilkin 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 Nashua, 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. For example, the highest median tax bill in the area is $564.00 in zip code 56565, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Nashua Assessed Value
$70,300
Average Wilkin County Assessed Value
$164,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nashua, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56565 | $2,400 | $19,550 | $70,300 | $114,750 | $220,160 |
Source: Ownwell
Property Tax Bills Across Nashua, Minnesota
In Nashua, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Nashua is $70,300. Property taxes are then applied to this assessed value using the local tax rate set by Wilkin County. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For homeowners, these property taxes can vary significantly. For instance, the tax bill at the 25th percentile is $203, while at the 75th percentile, it rises to $1,082. At the 90th percentile, homeowners might pay up to $1,921. Comparatively, the highest and lowest median tax bills in the area are both $564, occurring in the 56565 zip code. These property taxes fund essential local services, such as schools, public safety, and infrastructure, directly impacting the quality of life in Nashua. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Nashua Tax Bill
$564
Average Wilkin County Tax Bill
$1,424
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Nashua, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56565 | $43 | $203 | $564 | $1,082 | $1,921 |
Source: Ownwell