Princeton, Benton County, Minnesota Property Taxes
Median Princeton, MN effective property tax rate: 0.68%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Princeton, MN home value: $198,850
Median annual Princeton, MN tax bill: $1,138, $1,262 lower than the national median property tax bill of $2,400.
How are property taxes in Benton County calculated?
Property taxes in Princeton, MN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Princeton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Princeton, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Princeton, Benton County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.68%
Estimate Property Tax Bill
$1,352
$1,255
Property Tax Rates Across Princeton, Benton County, Minnesota
Local government entities are responsible for setting property tax rates, which can differ significantly across Minnesota. Each year, counties determine their budgetary needs to fund essential services and then divide this figure by the total value of taxable properties in their area. This calculation results in the property tax rate. Although votes and legislation play a role in determining these rates and budgets, this is essentially the annual procedure.
In Princeton, located in Benton County, the effective property tax rate is 0.68%. This rate is notably lower than the national median property tax rate of 1.02%. Residents of Princeton benefit from lower property tax bills compared to many other areas in the country, where the national median property tax bill is $2,400. This advantageous tax rate can make Princeton an attractive place for property owners who are looking to minimize their annual tax expenses. By offering a more affordable tax rate, Princeton provides a financial advantage for homeowners, contributing to the area's appeal as a desirable location to live.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Princeton Tax Rate
0.68%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Benton County Tax Rate
1.02%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Princeton, Benton County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55371 | 0.31% | 0.54% | 0.68% | 0.74% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Benton County, Minnesota
When examining property taxes in Princeton, MN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. Benton County estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Benton County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Princeton.
For example, the median home price in Princeton is $198,850, with tax bills ranging significantly across the county. Zip code 55371 has the highest median home price at $198,850.
Property Tax Assessment Values Across Princeton, Benton County, Minnesota
Source: Ownwell
$171,350
$271,225
$371,100
Median Princeton Market Value
$198,850
Median Benton County Market Value
$250,700
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Princeton, Benton County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55371 | $8,300 | $114,000 | $198,850 | $348,575 | $450,800 |
Source: Ownwell
Property Tax Bills Across Princeton, Benton County, Minnesota
In Princeton, Benton County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Princeton, the median home price is $198,850, and the property tax bill ranges significantly, with the 25th percentile at $417 and the 90th percentile reaching $3,227. The median tax bill in the area stands at $1,138, which is below the national median of $2,400, offering some relief to homeowners. However, these bills can still be a significant financial burden.
Ownwell assists homeowners by providing property tax appeal services, potentially lowering their tax bills. By analyzing the assessed value and comparing it with market trends, Ownwell identifies discrepancies and files appeals on behalf of homeowners. This service can be instrumental in ensuring homeowners are not overpaying on their property taxes, thereby saving money and reducing the financial strain associated with property ownership.
Median Princeton Tax Bill
$1,138
Median Benton County Tax Bill
$2,428
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across Princeton, Benton County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55371 | $73 | $417 | $1,138 | $2,010 | $3,227 |
Source: Ownwell