New Richland, Steele County, Minnesota Property Taxes
Median New Richland, MN effective property tax rate: 0.74%, significantly lower than the national median of 1.02%, but lower than the Minnesota state median of 1.11%. Median New Richland, MN home value: $321,350. Median annual New Richland, MN tax bill: $2,010, $390 lower than the national median property tax bill of $2,400.
How are property taxes in Steele calculated?
Property taxes in New Richland, 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 New Richland’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in New Richland, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
New Richland, Steele County, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.74%
Estimate Property Tax Bill
$2,378
$2,207
Property Tax Rates Across New Richland, Steele County, Minnesota
Local government entities set tax rates, which can vary widely within a state. This is primarily because each county annually estimates its budget to provide necessary services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is essentially the annual process.
In New Richland, located in Waseca County, MN, the effective property tax rate stands at 0.74%. This rate is notably lower than the national median property tax rate of 1.02%, offering homeowners in New Richland a more affordable option compared to many other regions. When compared to the median property tax rates across Minnesota, New Richland's rate aligns with the state median, indicating a consistent tax environment within the state. For those looking to manage their property tax expenses, understanding these local tax dynamics can be crucial in making informed decisions.
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 New Richland Tax Rate
0.74%
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 Steele County Tax Rate
1.36%
Median Effective Minnesota Tax Rate
1.11%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across New Richland, Steele County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56072 | 0.22% | 0.44% | 0.74% | 0.78% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across New Richland, Steele County, Minnesota
When examining property taxes in New Richland, 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 Steele County appraisal district 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.
Assessment notices:
In Steele 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 New Richland.
For example, the median home price in New Richland is $321,350, with tax bills ranging significantly across the county. 56072 has the highest median home price at $321,350.
Property Tax Assessment Values Across New Richland, Steele County, Minnesota
Source: Ownwell
$142,100
$256,400
$370,700
Median New Richland Market Value
$321,350
Median Steele County Market Value
$246,000
Median Minnesota Market Value
$290,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across New Richland, Steele County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56072 | $58,450 | $204,075 | $321,350 | $500,425 | $787,450 |
Source: Ownwell
Property Tax Bills Across New Richland, Steele County, Minnesota
In New Richland, located in Steele County, MN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local assessors and reflects the market value of the property. The tax rate is applied to this assessed value to calculate the annual property tax bill. Homeowners in New Richland face a median property tax bill of $2,010, which is slightly below the national median of $2,400. Factors influencing the tax bill include changes in the market value of the property and local tax rates. Homeowners in the 25th percentile pay around $1,240, while those in the 75th percentile may see bills as high as $2,946.
Ownwell assists homeowners by offering property tax appeal services that can lead to significant savings. By analyzing property assessments and identifying discrepancies, Ownwell helps reduce the assessed value, potentially lowering the tax bill. This service ensures that homeowners are not overpaying and can enjoy savings on their annual property taxes.
Median New Richland Tax Bill
$2,010
Median Steele County Tax Bill
$2,874
Median Minnesota Tax Bill
$3,182
Median United States Tax Bill
$2,400
Property Tax Bills Across New Richland, Steele County, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56072 | $300 | $1,240 | $2,010 | $2,946 | $3,813 |
Source: Ownwell