Walters, Minnesota Property Taxes
The median property tax rate in Walters, MN is 0.99%, aligning perfectly with the national median of 0.99% but slightly lower than the Minnesota state median of 1.11%. With the median home value in Walters at $211,900, the typical annual property tax bill amounts to $2,214, which is below the national median of $2,690. Property taxes in Walters 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 Walters' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Walters 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
Walters, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$2,098
Ownwell’s Walters Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walters with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walters 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 Walters, Minnesota
Property taxes in Walters, Minnesota, are essential for funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Walters is 0.99%, aligning with both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Walters set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walters 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 Walters' effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56097 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Walters provides valuable insights into the varying tax landscape across Freeborn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walters Tax Rate
0.99%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walters, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56097 | 0.50% | 0.89% | 0.99% | 1.08% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Walters, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Walters, 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 local appraisal authorities 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 Walters, 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. Walters' median home price stands at $211,900, with tax bills ranging from $1,738 at the 25th percentile to $3,857 at the 90th percentile. The highest and lowest median tax bills are both $2,214, found in the 56097 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Walters Assessed Value
$211,900
Average Freeborn County Assessed Value
$133,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walters, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56097 | $115,300 | $174,200 | $211,900 | $288,600 | $712,840 |
Source: Ownwell
Property Tax Bills Across Walters, Minnesota
In Walters, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $211,900 in Walters, the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Walters experience varying tax bills. For example, the tax bill at the 25th percentile is $1,738, while at the 75th percentile, it rises to $3,400. At the 90th percentile, it can reach as high as $3,857. This variation affects homeowners differently, with those in higher-value homes paying more in property taxes. Compared to the national median property tax rate of 0.99%, Walters' property tax landscape illustrates the impact of local assessment practices and property values on homeowners' financial obligations.
Average Walters Tax Bill
$2,214
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Walters, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56097 | $1,037 | $1,738 | $2,214 | $3,400 | $3,857 |
Source: Ownwell