Waconia, Minnesota Property Taxes
The median property tax rate in Waconia, MN is 1.17%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Waconia at $397,700, the typical annual property tax bill reaches $4,370, exceeding the national median of $2,690. Property taxes in Waconia are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Waconia'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 Waconia 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
Waconia, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Waconia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waconia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waconia 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 Waconia, Minnesota
Property taxes in Waconia, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waconia is 1.17%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Waconia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waconia 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 Waconia's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55387 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Waconia provides valuable insights into the varying tax landscape across Carver County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waconia Tax Rate
1.17%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waconia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55387 | 0.84% | 1.09% | 1.17% | 1.22% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Waconia, Minnesota
In Waconia, 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 Carver County Assessor's Office 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 Waconia, 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 55387 in Waconia has a median tax bill of $4,370. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waconia Assessed Value
$397,700
Average Carver County Assessed Value
$399,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waconia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55387 | $230,640 | $304,200 | $397,700 | $503,100 | $685,280 |
Source: Ownwell
Property Tax Bills Across Waconia, Minnesota
In Waconia, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Waconia is $397,700, and the property tax rate in Carver County significantly influences the final tax bill. Homeowners' tax bills are determined by multiplying the assessed property value by the local tax rate. Several factors are considered in the assessment process, including the property's market value, location, and any applicable exemptions. For instance, the 25th percentile of property tax bills in Waconia is $3,272, while the 75th percentile reaches $5,718. At the 90th percentile, homeowners may see tax bills as high as $7,377. This range indicates how property taxes can vary widely based on individual property assessments and specific local tax rates. Comparatively, the national median property tax rate is 0.99%, making Waconia's property tax landscape relatively competitive. Homeowners in Waconia should be aware of these factors as they can significantly affect their annual financial planning.
Average Waconia Tax Bill
$4,370
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Waconia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55387 | $2,282 | $3,272 | $4,370 | $5,718 | $7,377 |
Source: Ownwell