Westbrook, Minnesota Property Taxes
The median property tax rate in Westbrook, MN is 1.62%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Westbrook at $86,600, the typical annual property tax bill reaches $1,158, exceeding the national median of $2,690. Property taxes in Westbrook 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 Westbrook'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 Westbrook 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
Westbrook, 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 Westbrook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westbrook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westbrook 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 Westbrook, Minnesota
Property taxes in Westbrook, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Westbrook is 1.62%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Westbrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westbrook 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 Westbrook's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in Cottonwood County is also 1.62%, while the lowest median tax rate is 1.62%. Understanding how these cities compare with Westbrook provides valuable insights into the varying tax landscape across Cottonwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Westbrook Tax Rate
1.62%
Average Cottonwood County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westbrook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56183 | 0.60% | 1.43% | 1.62% | 1.95% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Westbrook, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Westbrook, 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 Cottonwood 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 Westbrook, 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. The median home price in Westbrook is $86,600, with the highest median tax bill in zip code 56183 at $1,158 and the lowest median tax bill also in zip code 56183 at $1,158. Being aware of these valuation processes in Westbrook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Westbrook Assessed Value
$86,600
Average Cottonwood County Assessed Value
$129,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Westbrook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56183 | $13,800 | $42,900 | $86,600 | $149,200 | $235,500 |
Source: Ownwell
Property Tax Bills Across Westbrook, Minnesota
In Westbrook, located in Cottonwood County, MN, property tax bills are calculated based on the assessed value of a home. This assessment reflects the market value, which is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $86,600, homeowners can expect their property tax bill to vary. The 25th percentile tax bill is approximately $708, while the 75th percentile reaches up to $2051, and the 90th percentile peaks at $3220. These figures illustrate the range of property tax burdens homeowners may face, depending on their home's assessed value and the specific tax rate applied. Comparatively, the national median property tax rate is 0.99%, making Westbrook's rates relatively moderate. The highest and lowest median tax bills in the area both stand at $1158, indicating a level of consistency within the zip code 56183. Factors such as property improvements, neighborhood developments, and local government budgets also play a role in determining the final tax bill, directly affecting homeowners' annual financial responsibilities.
Average Westbrook Tax Bill
$1,158
Average Cottonwood County Tax Bill
$1,456
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Westbrook, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56183 | $288 | $708 | $1,158 | $2,051 | $3,220 |
Source: Ownwell