Nashwauk, Minnesota Property Taxes
The median property tax rate in Nashwauk, MN is 0.99%, aligning with the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $126,750 in Nashwauk, the typical annual property tax bill is $1,164, which is below the national median of $2,690. Property taxes in Nashwauk are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. 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 the city, 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
0.99%
Estimate Property Tax Bill
$1,255
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 1.00%, slightly above both the Minnesota state median of 0.90% and the U.S. national median of 0.99%. Local government entities within Nashwauk set these rates annually, and they can vary significantly 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 counties in Minnesota and the national median. For comparison, the 55769 zip code has the highest median property tax rate of 1.00%, while the same 55769 zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Nashwauk provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nashwauk Tax Rate
0.99%
Average Itasca County Tax Rate
0.93%
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 | 0.58% | 0.82% | 0.99% | 1.05% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Nashwauk, Minnesota
In Nashwauk, 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 Itasca 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 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. Being aware of these valuation processes in Nashwauk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Nashwauk is $1164, found in zip code 55769.
Average Nashwauk Assessed Value
$126,750
Average Itasca County Assessed Value
$169,300
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 | $38,130 | $68,650 | $126,750 | $222,025 | $308,540 |
Source: Ownwell
Property Tax Bills Across Nashwauk, Minnesota
In Nashwauk, located in Itasca County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The tax rate is applied to this assessed value to generate the annual tax bill. For homeowners in Nashwauk, the median home price is $126,750. Property tax bills can vary significantly; at the 25th percentile, the tax bill is approximately $594, while at the 75th percentile, it rises to about $2,054. For those in the 90th percentile, the bill can reach as high as $3,162. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions or abatements. Compared to the national median property tax rate of 0.99%, Nashwauk's property taxes can represent a significant portion of a homeowner's annual expenses. These taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Nashwauk Tax Bill
$1,164
Average Itasca County Tax Bill
$1,502
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 | $258 | $594 | $1,164 | $2,054 | $3,162 |
Source: Ownwell