Welch, Minnesota Property Taxes
The median property tax rate in Welch, MN is 0.69%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Welch at $425,100, the typical annual property tax bill reaches $2,809, slightly exceeding the national median of $2,690. Property taxes in Welch are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Welch'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 Welch or another part of Dakota County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Welch, 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 Welch Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Welch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Welch 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 Welch, Minnesota
Property taxes in Welch, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Welch is 0.69%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Welch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Welch 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 Welch's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55089 has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Welch provides valuable insights into the varying tax landscape across Dakota County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Welch Tax Rate
0.69%
Average Dakota County Tax Rate
1.06%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Welch, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55089 | 0.68% | 0.69% | 0.69% | 0.70% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Welch, Minnesota
In Welch, 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 Dakota 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. Assessment notices in Welch 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 highest median tax bill in Welch is $2809 in the 55089 zip code, while the lowest median tax bill is also $2809 in the same zip code. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Welch Assessed Value
$425,100
Average Dakota County Assessed Value
$344,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Welch, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55089 | $74,320 | $318,500 | $425,100 | $501,325 | $580,470 |
Source: Ownwell
Property Tax Bills Across Welch, Minnesota
In Welch, Dakota 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 property tax bill. For example, with a median home price of $425,100, homeowners can expect varying tax bills depending on the specific assessments and exemptions applied. Factors such as property improvements, location, and market conditions influence the assessed value. In Welch, property tax bills range significantly, with the 25th percentile at $1,934 and the 75th percentile at $3,398. The 90th percentile sees tax bills as high as $4,005. The highest and lowest median tax bills in the area are both $2,809, found in the 55089 zip code. Compared to the national median property tax rate of 0.99%, Welch’s property taxes can be relatively high, impacting homeowners by increasing their overall cost of living and influencing decisions on property investments.
Average Welch Tax Bill
$2,809
Average Dakota County Tax Bill
$3,728
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Welch, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55089 | $512 | $1,934 | $2,809 | $3,398 | $4,005 |
Source: Ownwell