Nowthen, Minnesota Property Taxes
The median property tax rate in Nowthen, MN is 0.68%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Nowthen being $525,200, the typical annual property tax bill reaches $3,597, which surpasses the national median of $2,690. Property taxes in Nowthen are calculated based on the assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Nowthen'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 Nowthen or another part of Anoka County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nowthen, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$3,571
$3,314
Ownwell’s Nowthen Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Nowthen. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Nowthen to provide an estimated property tax bill. This tool is essential for understanding your potential tax liabilities. For those interested in more detailed insights, localized trends are available further down the page. Your property's assessed value, determined by Anoka County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Nowthen, Minnesota
Property taxes in Nowthen, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Nowthen is 0.68%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Nowthen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nowthen 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 Nowthen's effective property tax rate to other counties in Minnesota and the national median. For comparison, the ZIP code 55330 has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Nowthen provides valuable insights into the varying tax landscape across Anoka County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nowthen Tax Rate
0.68%
Average Anoka County Tax Rate
0.96%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nowthen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55330 | 0.67% | 0.67% | 0.68% | 0.74% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Nowthen, Minnesota
In Nowthen, 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 Anoka 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 Nowthen, 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 Nowthen 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 $3,597, found in zip code 55330.
Average Nowthen Assessed Value
$525,200
Average Anoka County Assessed Value
$327,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nowthen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55330 | $475,120 | $493,900 | $525,200 | $535,100 | $541,040 |
Source: Ownwell
Property Tax Bills Across Nowthen, Minnesota
In Nowthen, located in Anoka County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Nowthen is $525,200, which influences the tax amount significantly. For instance, homeowners in the 25th percentile can expect a tax bill around $3,336, while those in the 75th percentile might see a bill closer to $3,944. At the 90th percentile, the tax bill can reach up to $4,152. The highest and lowest median tax bills are both recorded at $3,597 in the zip code 55330. These figures show that property taxes in Nowthen can vary widely depending on the home's value and specific location. Compared to the national median property tax rate of 0.99%, homeowners in Nowthen might find their tax rates and bills to be relatively higher, impacting their overall housing costs.
Average Nowthen Tax Bill
$3,597
Average Anoka County Tax Bill
$3,246
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Nowthen, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55330 | $3,180 | $3,336 | $3,597 | $3,944 | $4,152 |
Source: Ownwell