Wells, Minnesota Property Taxes
The median property tax rate in Wells, MN is 0.82%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wells at $257,450, the typical annual property tax bill comes to $2,199, falling below the national median of $2,690. Property taxes in Wells are calculated based on the assessed value, which often is less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Wells' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wells or another part of Freeborn County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wells, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$2,111
Ownwell’s Wells Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wells with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wells to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan accordingly. For those interested in more granular insights, scrolling down reveals neighborhood-level trends and details. Your property’s assessed value is determined by the county for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Wells, Minnesota
Property taxes in Wells, Minnesota, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Wells is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Wells set these rates annually, and they can vary across different neighborhoods. Each year, Wells 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. Understanding how Wells' effective property tax rate compares to other areas 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 Wells Tax Rate
0.82%
Average Freeborn County Tax Rate
1.25%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wells, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56097 | 0.45% | 0.56% | 0.82% | 1.03% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Wells, Minnesota
In Wells, 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 Freeborn 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 Wells, 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 Wells helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Wells are both $2,199, found in the 56097 zip code.
Average Wells Assessed Value
$257,450
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 Wells, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56097 | $148,570 | $185,225 | $257,450 | $534,250 | $1,040,880 |
Source: Ownwell
Property Tax Bills Across Wells, Minnesota
In Wells, located in Freeborn County, MN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Wells is $257,450. Homeowners in the 25th percentile can expect a tax bill around $1,732, while those in the 75th percentile might pay approximately $3,519. The tax bill for those in the 90th percentile can reach up to $4,918. These property taxes are crucial for funding local services such as schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Wells homeowners face varying tax bills depending on their property's assessed value. This system ensures that property taxes are proportionate to the property's worth, impacting homeowners differently based on the value of their homes.
Average Wells Tax Bill
$2,199
Average Freeborn County Tax Bill
$1,666
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wells, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56097 | $1,170 | $1,732 | $2,199 | $3,519 | $4,918 |
Source: Ownwell