North Mankato, Minnesota Property Taxes
The median property tax rate in North Mankato, MN is 1.07%, slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With the median home value in North Mankato at $246,300, the typical annual property tax bill comes to $2,636, which is just below the national median of $2,690. Property taxes in North Mankato are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding North Mankato'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 North Mankato 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
North Mankato, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,635
Ownwell’s North Mankato Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Mankato with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Mankato 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 North Mankato, Minnesota
Property taxes in North Mankato, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Mankato is 1.07%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within North Mankato set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Mankato 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 North Mankato's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56003 zip code has the highest median property tax rate of 1.07%, while the 56003 zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with North Mankato provides valuable insights into the varying tax landscape across Blue Earth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Mankato Tax Rate
1.07%
Average Blue Earth County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Mankato, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56003 | 1.06% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across North Mankato, Minnesota
In North Mankato, 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 Blue Earth County Assessor’s Office 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 North Mankato, 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 North Mankato helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in North Mankato is $246,300, with tax bills ranging from $2,433 at the 25th percentile to $2,961 at the 90th percentile. The highest and lowest median tax bills are both $2,636 in the 56003 zip code.
Property Tax Assessment Values Across North Mankato, Minnesota
Source: Ownwell
$17,300
$224,600
$431,900
Average North Mankato Assessed Value
$246,300
Average Blue Earth County Assessed Value
$262,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across North Mankato, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56003 | $217,020 | $228,000 | $246,300 | $264,600 | $275,580 |
Source: Ownwell
Property Tax Bills Across North Mankato, Minnesota
In North Mankato, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this value. The median home price in the area is $246,300, which serves as a baseline for calculating tax obligations. The local tax rate is applied to the assessed value to determine the annual property tax bill. For instance, the 25th percentile tax bill stands at $2,433, while the 75th percentile reaches $2,839, and the 90th percentile is $2,961. These figures indicate a range of tax burdens depending on the specific assessed value of a property. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. Homeowners in North Mankato, located in Blue Earth County, may find their tax bills slightly above the national median property tax rate of 0.99%. This means that property taxes can represent a significant annual expense, impacting overall housing affordability and financial planning for residents.
Average North Mankato Tax Bill
$2,636
Average Blue Earth County Tax Bill
$2,724
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across North Mankato, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56003 | $2,311 | $2,433 | $2,636 | $2,839 | $2,961 |
Source: Ownwell