Welch, Minnesota Property Taxes
The median property tax rate in Welch, MN is 0.80%, 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 $390,900, the typical annual property tax bill reaches $3,234, surpassing 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 Goodhue 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
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$3,127
Ownwell’s Welch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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 0.80%, which is lower than 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 0.80%. Understanding how these cities compare with Welch provides valuable insights into the varying tax landscape across Goodhue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Welch Tax Rate
0.80%
Average Goodhue County Tax Rate
1.21%
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 | 0.50% | 0.70% | 0.80% | 0.88% | 1.27% |
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 Goodhue County Assessor 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 Welch, 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. Welch's median home price stands at $390,900, with tax bills ranging from $2,209 at the 25th percentile to $6,178 at the 90th percentile. The highest and lowest median tax bills are both in the 55089 zip code, amounting to $3,234. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Welch Assessed Value
$390,900
Average Goodhue County Assessed Value
$266,700
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 | $100,270 | $262,650 | $390,900 | $562,250 | $765,060 |
Source: Ownwell
Property Tax Bills Across Welch, Minnesota
In Welch, Goodhue County, MN, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the county assessor based on various factors, including the property's market value and any improvements made. In Welch, the median home price is $390,900, and the tax bill for the 25th percentile is $2,209, while the 75th percentile is $4,455. Homeowners in the 90th percentile can expect a tax bill of $6,178. These figures indicate that property taxes can vary significantly depending on the property's assessed value and the applicable tax rate. For comparison, the national median property tax rate is 0.99%, making Welch's tax bills relatively high. Homeowners should be aware of these variations, as higher property taxes can impact overall affordability and budgeting. Understanding how property tax bills are calculated helps homeowners plan better and potentially seek appeals or exemptions if they believe their property has been over-assessed.
Average Welch Tax Bill
$3,234
Average Goodhue County Tax Bill
$3,110
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 | $1,392 | $2,209 | $3,234 | $4,455 | $6,178 |
Source: Ownwell