Newfolden, Minnesota Property Taxes
The median property tax rate in Newfolden, MN is 0.82%, 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 $126,450 in Newfolden, the typical annual property tax bill amounts to $870, considerably less than the national median of $2,690. Property taxes in Newfolden are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Newfolden'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 Newfolden or another part of Marshall County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newfolden, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,037
Ownwell’s Newfolden Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newfolden with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newfolden 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 Newfolden, Minnesota
Property taxes in Newfolden, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newfolden is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Newfolden set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newfolden 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 Newfolden's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56738 has both the highest and the lowest median property tax rate of 0.82%. Understanding how these cities compare with Newfolden provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newfolden Tax Rate
0.82%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newfolden, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56738 | 0.51% | 0.73% | 0.82% | 0.94% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Newfolden, Minnesota
In Newfolden, 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 Marshall 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 Newfolden, 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 Newfolden helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Newfolden are both $870, with the zip code 56738.
Average Newfolden Assessed Value
$126,450
Average Marshall County Assessed Value
$114,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newfolden, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56738 | $8,380 | $46,275 | $126,450 | $198,150 | $269,740 |
Source: Ownwell
Property Tax Bills Across Newfolden, Minnesota
In Newfolden, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The tax rate in Marshall County is applied to this assessed value to calculate the annual property tax bill. Homeowners in Newfolden experience a range of tax bills, with the 25th percentile paying around $314 and the 75th percentile facing a bill of approximately $1,615. For those at the 90th percentile, the tax bill can reach up to $2,282. Factors influencing these amounts include the home's assessed value, local tax rates, and any applicable exemptions or reductions. With a median home price of $126,450, the property tax rate in Newfolden is relatively moderate compared to the national median property tax rate of 0.99%. This variation can significantly impact homeowners' financial planning and monthly budgets, making it crucial for them to understand how their property taxes are calculated and what factors might affect their annual bill.
Average Newfolden Tax Bill
$870
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Newfolden, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56738 | $59 | $314 | $870 | $1,615 | $2,282 |
Source: Ownwell