Northrop, Martin County, Minnesota Property Taxes

Name: Property Tax Bills Across Northrop, Martin County, Minnesota
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Northrop, MN effective property tax rate: 1.48%, significantly higher than the national median of 1.02%, but lower than the Minnesota state median of 1.11%.
Median Northrop, MN home value: $34,400
Median annual Northrop, MN tax bill: $510, $1,890 lower than the national median property tax bill of $2,400.

How are property taxes in Martin County calculated?

Property taxes in Northrop, 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 Northrop’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Northrop, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Northrop, Martin County, Minnesota Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.13%

Estimate Property Tax Bill

$478

$444

Ownwell’s Northrop Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Northrop with just two data points. By entering your property's estimated assessed value, our calculator applies Northrop’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Martin County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Northrop, Martin County, Minnesota

Local government entities set tax rates, and these can vary significantly within a state. Each year, counties estimate the budget needed to provide essential services and divide this by the total value of all taxable properties within their jurisdiction. This calculation determines the property tax rate. While laws and votes play a role in setting tax rates and budgets, this is the basic annual process.

In Northrop, located in Martin County, Minnesota, the effective property tax rate is 1.48%. This rate is higher than the national median property tax rate of 1.02%. Residents of Northrop, therefore, face a higher property tax burden compared to the national average. This means that property owners in Northrop contribute more towards funding local services than the average American property owner. Understanding these differences can help property owners make informed decisions about their investments and financial planning. Comparing Northrop's tax rate with other cities in Minnesota and the nation highlights the importance of being aware of local tax policies and their potential impact on property owners.

Property Tax Rates Across Northrop, Martin County, Minnesota

Source: Ownwell

0.66%

1.03%

1.40%

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 Northrop Tax Rate

1.13%

Median Effective Martin County Tax Rate

1.17%

Median Effective Minnesota Tax Rate

1.13%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Northrop, Martin County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
56075	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Northrop, Martin County, Minnesota

When examining property taxes in Northrop, 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. The Martin County Assessor's Office 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 Martin County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Northrop. For example, the median home price in Northrop is $34,400, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Northrop, Martin County, Minnesota

Source: Ownwell

$84,400

$225,500

$366,600

Median Northrop Market Value

$42,300

Median Martin County Market Value

$158,500

Median Minnesota Market Value

$304,400

Median United States Market Value

$235,294

Property Tax Assessment Values Across Northrop, Martin County, Minnesota

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
56075	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Northrop, Martin County, Minnesota

In Northrop, located in Martin County, MN, property tax bills are determined by the assessed value of a home, which is a percentage of the market value. The median home price in Northrop is $34,400, and property tax bills can vary significantly based on this assessed value. For example, homeowners at the 25th percentile can expect a tax bill of around $386, while those at the 75th percentile might see a bill of approximately $544. High-value properties, around the 90th percentile, could face tax bills as steep as $1,851. Compared to the national median property tax bill of $2,400, Northrop's rates are relatively moderate, offering some relief to homeowners. However, these taxes can still be a significant financial burden. Ownwell assists homeowners by providing expert property tax appeal and exemption services, potentially lowering these bills. By evaluating your property's assessed value and ensuring it aligns with current market conditions, Ownwell helps ensure you’re not overpaying, offering peace of mind and financial savings.

Property Tax Bills Across Northrop, Martin County, Minnesota

Source: Ownwell

$1,218

$2,048

$2,878

Median Northrop Tax Bill

$478

Median Martin County Tax Bill

$1,768

Median Minnesota Tax Bill

$3,364

Median United States Tax Bill

$2,400

Property Tax Bills Across Northrop, Martin County, Minnesota

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
56075	N/A	N/A	N/A	N/A	N/A

Source: Ownwell