Waverly, Minnesota Property Taxes
The median property tax rate in Waverly, MN is 0.87%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Waverly at $402,950, the typical annual property tax bill is $3,475, significantly higher than the national median of $2,690. Property taxes in Waverly are calculated based on the tax assessed value, which generally falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Waverly's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Waverly or elsewhere in Carver County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waverly, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$3,506
Ownwell’s Waverly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waverly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waverly 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 Waverly, Minnesota
Property taxes in Waverly, Minnesota, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Waverly is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55390 has both the highest and lowest median property tax rate of 0.87%. Understanding how these cities compare with Waverly 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 Waverly Tax Rate
0.87%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waverly, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55390 | 0.85% | 0.85% | 0.87% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Waverly, Minnesota
In Waverly, 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 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 Waverly, 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 Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Waverly, both at $3,475, are found in zip code 55390.
Average Waverly Assessed Value
$402,950
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 Waverly, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55390 | $356,350 | $373,825 | $402,950 | $432,075 | $449,550 |
Source: Ownwell
Property Tax Bills Across Waverly, Minnesota
In Waverly, Carver County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors influencing the tax bill include the home's location, size, and any improvements made. For instance, in Waverly, the median home price is $402,950, resulting in a median tax bill of $3,475. This is higher than the national median property tax rate of 0.99%. Tax bills in Waverly can vary significantly. For example, homeowners at the 25th percentile pay around $3,268, while those at the 75th percentile face bills closer to $3,682. At the 90th percentile, tax bills can reach $3,805. Such variations can impact homeowners' finances, influencing decisions on buying, selling, or investing in property improvements. Understanding these factors helps homeowners better anticipate their annual property tax obligations and plan their budgets accordingly.
Average Waverly Tax Bill
$3,475
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Waverly, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55390 | $3,145 | $3,268 | $3,475 | $3,682 | $3,805 |
Source: Ownwell