Watertown, Minnesota Property Taxes
The median property tax rate in Watertown, MN is 1.15%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Watertown, the typical annual property tax bill reaches $3,324, exceeding the national median of $2,690. Property taxes in Watertown 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 Watertown'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 Watertown 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
Watertown, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$3,498
Ownwell’s Watertown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watertown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watertown 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 Watertown, Minnesota
Property taxes in Watertown, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watertown is 1.15%, which is higher than the U.S. national median of 0.99%. Local government entities within Watertown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watertown 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 Watertown's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55388 has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Watertown 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 Watertown Tax Rate
1.15%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watertown, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55388 | 0.80% | 1.04% | 1.15% | 1.20% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Watertown, Minnesota
In Watertown, 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 Watertown, 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 Watertown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Watertown, the median home price is $304,150. The 25th percentile tax bill is $2,528, while the 75th percentile tax bill is $4,226, and the 90th percentile tax bill is $5,134. The highest and lowest median tax bill is $3,324 in the 55388 zip code.
Average Watertown Assessed Value
$304,150
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 Watertown, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55388 | $55,100 | $239,125 | $304,150 | $395,100 | $553,280 |
Source: Ownwell
Property Tax Bills Across Watertown, Minnesota
In Watertown, MN, located in Carver County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $304,150. Homeowners in Watertown can expect their property tax bills to vary significantly depending on their property's assessed value. For instance, the 25th percentile of tax bills is around $2,528, while the 75th percentile reaches approximately $4,226. At the 90th percentile, tax bills can go up to $5,134. The local tax rate is applied to the assessed value to determine the final tax bill. This rate is influenced by various factors, including local government budgets, school district funding needs, and public services. Compared to the national median property tax rate of 0.99%, Watertown's rates reflect the specific fiscal needs of the community. For homeowners, this means that property taxes can be a significant annual expense, impacting household budgets and financial planning.
Average Watertown Tax Bill
$3,324
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Watertown, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55388 | $596 | $2,528 | $3,324 | $4,226 | $5,134 |
Source: Ownwell