North Mankato, Minnesota

Budgets

Budgets

To view Budget documents, click here.

Understanding Property Tax

Information from the MN Department of Revenue


Calculating Property Tax

In its simplest form, the yearly tax due for each property mainly depends on:

  • Local budget and tax calculations
  • Value and use (classification) of the property
  • Tax credits or programs that may reduce the tax due
  • Additional school or state property taxes that apply to certain properties

The full calculation can be complex. This overview explains the broad calculations and formulas. Contact your county assessor if you have questions specific to your property.

Local Tax and Calculations

Local and county officials calculate how much money they need to raise from property taxes and their resulting local tax rate.

Step 1: Towns, cities, schools, and counties calculate how much property tax revenue is needed, known as the Local Tax Levy:

Total Proposed Local Budget - Non-Property Tax Revenue = Local Tax Levy

Step 2: The levy is spread among all taxable properties according to their Tax Capacity:

Taxable Market Value X Classification Rate = Tax Capacity

Step 3: The levy and total tax capacity (for all properties) are used to calculate the Local Tax Rate:

Local Tax Levy / Total Tax Capacity = Local Tax Rate

Step 4: For each property, the county auditor determines if any tax credits or additional taxes apply:

  • Property Tax Credits (for certain types of properties or programs)
  • Referendum Levies (additional school levies approved by voters)
  • State General Tax (additional state levy on certain types of property)

Property Tax Formula

The county auditor determines the tax due for each property using this basic formula:

  1. Taxable Market Value X Class Rate = Tax Capacity
  2. Tax Capacity X Local Tax Rates = Base Tax
  3. Base Tax - Credits + Referendum Levy and State General Tax = Property Tax Due

Property tax is administered by counties. If you have questions about valuation, classification, or about your specific properties tax, contact your county assessor.

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Categories always sorted by seq (sub-categories sorted within each category)
Documents sorted by SEQ in Descending Order within category

2024 Budget7 documents

  • 2024 Budget
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  • 2024 Truth in Taxation
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  • 2024-2028 CIP
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  • Recreation, Special Revenue, & Economic Development Funds
    document seq 4.00
  • Enterprise Funds
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  • Tax Levy Supported Funds - General Fund, Port Authority, and Debt Service
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  • Tax History & Distribution, Relevant Strategic Plans, and Proposed 2024 Tax Levy
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2023 Budget7 documents

  • 2023 Budget
    document seq 7.00
  • 2023 Truth in Taxation
    document seq 6.00
  • 2023-2027 CIP
    document seq 5.00
  • Recreation, Special Revenue, and Economic Development Funds
    document seq 4.00
  • Utility Fund Overview: Water, Sewer, Solid Waste, Recycling, Stormwater & Hotel
    document seq 3.00
  • Tax Levy Supported Funds Including General Fund, Port Authority, and Debt Service
    document seq 2.00
  • Tax History & Distribution, Relevant Strategic Plans, and Proposed 2023 Tax Levy Budget Information
    document seq 1.00

2022 Budget7 documents

  • 2022 Budget
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  • 2022 Truth in Taxation
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  • 2022-2026 CIP
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  • Recreation, Special Revenue, and Economic Development Funds
    document seq 0.00
  • Utility Fund Overview: Water, Sewer, Solid Waste, Recycling, Stormwater & Hotel
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  • Tax Levy Supported Funds Including General Fund, Port Authority, and Debt Service
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  • Tax History & Distribution, Relevant Strategic Plans, and Proposed 2022 Tax Levy Budget Information
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2021 Budget7 documents

  • 2021 Budget
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  • Final 2021 Budget and 2021-2025 CIP PowerPoint Presentation
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  • 2021-2025 CIP
    document seq 0.00
  • Recreation, Special Revenue, & Economic Development
    document seq 0.00
  • Utility Fund Overview - Water, Sewer, Solid Waste, Recycling, & Stormwater
    document seq 0.00
  • Tax Levy Supported Funds Including General Fund, Port Authority, and Debt Service
    document seq 0.00
  • Tax History & Distribution, Relevant Strategic Plans, and Proposed 2021 Tax Levy Budget Information
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2020 Budget2 documents

  • 2020 PowerPoint Presentation
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  • 2020 Proposed Budget
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2019 Budget4 documents

  • 2019 Proposed Budget
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  • 2019 PowerPoint Presentation-10/1/18
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  • 2019 PowerPoint Presentation-9/17/18
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  • 2019 PowerPoint Presentation
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2018 Budget21 documents

  • Informational
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  • General Fund
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  • Water Utility Fund
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  • Wastewater Utility Collections Fund
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  • Solid Waste Utility Fund
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  • Recycling Fund
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  • Storm Water Utility Fund
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  • Debt Service Funds
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  • Community Development Block Grant Fund
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  • Local Option Sales Tax Fund
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  • Capital Facilities & Equipment Fund
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  • Construction Fund
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  • Port Authority Funds
    document seq 0.00
  • Library Endowment
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  • Gambling Fund
    document seq 0.00
  • Caswell Sports Fund
    document seq 0.00
  • Public Access Funds
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  • Five-Year Capital Improvement Plan
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  • 2018 Budget Powerpoint
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  • 2018 Budget Infographic
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  • Citizen's Guide to the Budget
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2017 Budget19 documents

  • Informational
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  • General Fund
    document seq 0.00
  • Water Utility Fund
    document seq 0.00
  • Wastewater Utility Fund
    document seq 0.00
  • Solid Waste Utility Fund
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  • Recycling Utility Fund
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  • Storm Water Utility Fund
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  • Debt Service Funds
    document seq 0.00
  • Community Development Block
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  • Local Option Sales Tax Fund
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  • Capital Facilities and Equipment Fund
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  • Construction Funds
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  • Port Authority Joint Economic Development
    document seq 0.00
  • Port Authority Revolving Loan Funds
    document seq 0.00
  • Port Authority Tax Increment Funds
    document seq 0.00
  • Public Access Funds
    document seq 0.00
  • Library Endowment
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  • Gambling Funds
    document seq 0.00
  • Five-Year Capital Improvement Plan
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2016 Budget19 documents

  • Informational
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  • General Fund
    document seq 0.00
  • Water Utility Fund
    document seq 0.00
  • Wastewater Utility Collections Fund
    document seq 0.00
  • Solid Waste Utility Fund
    document seq 0.00
  • Recycling Utility Fund
    document seq 0.00
  • Storm Water Utility Fund
    document seq 0.00
  • Debt Service Funds
    document seq 0.00
  • Community Development Block
    document seq 0.00
  • Local Option Sales Tax Fund
    document seq 0.00
  • Capital Facilities and Equipment Fund
    document seq 0.00
  • Construction Funds
    document seq 0.00
  • Port Authority General Fund
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  • Port Authority Joint Economic Development
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  • Port Authority Revolving Loan Funds
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  • Port Authority Tax Increment Funds
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  • Public Access Funds
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Budget Monitoring Reports2 documents

  • August 2016
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  • July 2016
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2015 Budget13 documents

  • 2015 Budget
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  • 2015-2019 Capital Improvement Schedule
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Budget Monitoring Reports11 documents

  • November 2015
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  • October 2015
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  • September 2015
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  • August 2015
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  • July 2015
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  • June 2015
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  • May 2015
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  • April 2015
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  • March 2015
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  • February 2015
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  • January 2015
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2014 Budget9 documents

  • 2014 Proposed Budget (pdf)
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  • 2014-2018 Proposed Capital Improvement Schedule
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Budget Monitoring Reports7 documents

  • November 2014
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  • October 2014
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  • September 2014
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  • August 2014
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  • July 2014
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  • June 2014
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  • May 2014
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