Rushmore, Minnesota Property Taxes
The median property tax rate in Rushmore, MN is 1.15%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Rushmore, the typical annual property tax bill reaches $1,400, which is below the national median of $2,690. Property taxes in Rushmore are calculated based on the tax assessed value, typically lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Rushmore'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 Rushmore or another part of Nobles County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rushmore, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$1,670
Ownwell’s Rushmore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rushmore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rushmore 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 Rushmore, Minnesota
Property taxes in Rushmore, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rushmore is 1.15%, which is higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Rushmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rushmore 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 Rushmore's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56168 zip code has the highest median property tax rate of 1.15%, while the 56168 zip code also has the lowest median tax rate of 1.15%. Understanding how these areas compare with Rushmore provides valuable insights into the varying tax landscape across Nobles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rushmore Tax Rate
1.15%
Average Nobles County Tax Rate
1.00%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rushmore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56168 | 0.60% | 0.86% | 1.15% | 1.36% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Rushmore, Minnesota
In Rushmore, 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 Nobles 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 Rushmore, 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 instance, the median home price in Rushmore is $145,200, with tax bills ranging from $875 at the 25th percentile to $3,146 at the 90th percentile. The zip code 56168 has both the highest and lowest median tax bill at $1,400. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rushmore Assessed Value
$145,200
Average Nobles County Assessed Value
$169,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rushmore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56168 | $34,620 | $88,000 | $145,200 | $209,300 | $302,120 |
Source: Ownwell
Property Tax Bills Across Rushmore, Minnesota
In Rushmore, Nobles County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, market conditions, and comparable property values in the area are considered when determining the assessed value. For homeowners in Rushmore, the median home price is $145,200. The property tax bills can vary significantly, with the 25th percentile tax bill at $875 and the 75th percentile reaching $2,286. The 90th percentile tax bill can go up to $3,146. The highest median tax bill in the area is $1,400, which is notably above the national median property tax rate of 0.99%. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these factors influence property taxes can help homeowners plan and budget more effectively.
Average Rushmore Tax Bill
$1,400
Average Nobles County Tax Bill
$1,588
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Rushmore, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56168 | $407 | $875 | $1,400 | $2,286 | $3,146 |
Source: Ownwell