Waubun, Minnesota Property Taxes
The median property tax rate in Waubun, MN is 0.68%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $189,700 in Waubun, the typical annual property tax bill amounts to $1,264, well below the national median of $2,690. Property taxes in Waubun are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Waubun'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 Waubun or another part of Becker County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waubun, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,290
Ownwell’s Waubun Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waubun with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waubun 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 Waubun, Minnesota
Property taxes in Waubun, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waubun is 0.68%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Waubun set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waubun 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 Waubun's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56589 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Waubun provides valuable insights into the varying tax landscape across Becker County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waubun Tax Rate
0.68%
Average Becker County Tax Rate
0.72%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waubun, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56589 | 0.59% | 0.64% | 0.68% | 0.73% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Waubun, Minnesota
In Waubun, 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 Becker County Appraisal District 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 Waubun, 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 zip code with the highest median tax bill is 56589, at $1,264, while the lowest median tax bill is also in zip code 56589, at $1,264. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waubun Assessed Value
$189,700
Average Becker County Assessed Value
$241,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waubun, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56589 | $24,200 | $75,700 | $189,700 | $312,400 | $455,960 |
Source: Ownwell
Property Tax Bills Across Waubun, Minnesota
In Waubun, property tax bills are calculated based on the assessed value of a home, which is determined by the Becker County assessor's office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners in Waubun, the tax bill can vary significantly. The 25th percentile tax bill is around $443, while the 75th percentile tax bill reaches $2,137. At the higher end, the 90th percentile tax bill can be as much as $3,112. Compared to the national median property tax rate of 0.99%, Waubun's tax bills reflect the local economic conditions and property values. These tax obligations impact homeowners by influencing their monthly mortgage payments and overall financial planning. Understanding how these factors interplay can help homeowners better anticipate their annual property tax expenses.
Average Waubun Tax Bill
$1,264
Average Becker County Tax Bill
$1,854
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Waubun, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56589 | $146 | $443 | $1,264 | $2,137 | $3,112 |
Source: Ownwell