Wilton, Minnesota Property Taxes
The median property tax rate in Wilton, MN is 0.79%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wilton at $176,700, the typical annual property tax bill amounts to $1,089, which is significantly less than the national median of $2,690. Property taxes in Wilton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wilton'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 Wilton or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wilton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,396
Ownwell’s Wilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilton 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 Wilton, Minnesota
Property taxes in Wilton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilton is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Wilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilton 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 Wilton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56601 has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Wilton provides valuable insights into the varying tax landscape across Beltrami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilton Tax Rate
0.79%
Average Beltrami County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56601 | 0.57% | 0.70% | 0.79% | 0.87% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Wilton, Minnesota
In Wilton, 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 Beltrami 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. Assessment notices in Wilton 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. Being aware of these valuation processes in Wilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 56601 has both the highest and lowest median tax bill, recorded at $1,089.
Average Wilton Assessed Value
$176,700
Average Beltrami County Assessed Value
$190,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wilton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56601 | $34,710 | $79,550 | $176,700 | $251,175 | $366,650 |
Source: Ownwell
Property Tax Bills Across Wilton, Minnesota
In Wilton, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. For instance, with a median home price of $176,700, property taxes can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $524, while those in the 75th percentile might pay approximately $1,873. At the 90th percentile, the tax bill can rise to $3,210. Various factors influence these tax bills, including the home's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life in Wilton. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and property values affect their financial obligations. This knowledge helps homeowners budget effectively and anticipate future tax bills.
Average Wilton Tax Bill
$1,089
Average Beltrami County Tax Bill
$1,559
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56601 | $185 | $524 | $1,089 | $1,873 | $3,210 |
Source: Ownwell