Wright, Minnesota Property Taxes
The median property tax rate in Wright, MN is 0.98%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $135,300 in Wright, the typical annual property tax bill is around $1,354, which is below the national median of $2,690. Property taxes in Wright are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Wright'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 Wright 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
Wright, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,326
Ownwell’s Wright Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wright with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wright to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Wright, Minnesota
Property taxes in Wright, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wright is 0.98%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Wright set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wright 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. Understanding how Wright's effective property tax rate compares to other areas in Minnesota and the national median provides valuable insights into the varying tax landscape across Wright County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wright Tax Rate
0.98%
Average Carlton County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wright, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55798 | 0.83% | 0.91% | 0.98% | 1.03% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Wright, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wright, Minnesota. 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 local 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 Wright, 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. Being aware of these valuation processes in Wright helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 55798 has the highest and lowest median tax bill at $1,354, offering a glimpse into the range of property tax obligations in the area.
Average Wright Assessed Value
$135,300
Average Carlton County Assessed Value
$213,450
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wright, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55798 | $41,200 | $78,400 | $135,300 | $209,300 | $301,440 |
Source: Ownwell
Property Tax Bills Across Wright, Minnesota
In Wright, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence this calculation, including the property's market value, any applicable exemptions, and the local tax rate set by various taxing authorities like school districts and municipal governments. For homeowners in Wright, the median home price is $135,300. The property tax bills can vary significantly, with the 25th percentile at $696 and the 75th percentile reaching $2,026. At the higher end, the 90th percentile tax bill can be as much as $2,938. The highest median tax bill in the area is $1,354, which is notably higher than the national median property tax rate of 0.99%. These property taxes contribute to essential public services such as education, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Wright Tax Bill
$1,354
Average Carlton County Tax Bill
$2,610
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wright, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55798 | $438 | $696 | $1,354 | $2,026 | $2,938 |
Source: Ownwell