West Concord, Minnesota Property Taxes
The median property tax rate in West Concord, MN is 0.45%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in West Concord, the typical annual property tax bill reaches $3,148, which is above the national median of $2,690. Property taxes in West Concord 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 West Concord'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 West Concord 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
West Concord, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$2,568
Ownwell’s West Concord Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in West Concord with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Concord to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value, determined by Goodhue County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across West Concord, Minnesota
Property taxes in West Concord, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Concord is 0.45%, which is significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within West Concord set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Concord 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 West Concord's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55985 has both the highest and lowest median property tax rate of 0.45%. Understanding how these areas compare with West Concord 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 West Concord Tax Rate
0.45%
Average Goodhue County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Concord, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55985 | 0.29% | 0.38% | 0.45% | 0.67% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across West Concord, Minnesota
In West Concord, 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 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 West Concord, 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. The median home price in West Concord stands at $570,700. Property tax bills vary significantly, with the 25th percentile at $2,036 and the 75th percentile at $5,062. The highest median tax bill in the area is $3,148, found in the 55985 zip code, which also has the lowest median tax bill at the same amount. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across West Concord, Minnesota
Source: Ownwell
$146,000
$358,350
$570,700
Average West Concord Assessed Value
$570,700
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 West Concord, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55985 | $317,930 | $355,000 | $570,700 | $1,263,500 | $1,755,020 |
Source: Ownwell
Property Tax Bills Across West Concord, Minnesota
In West Concord, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of your property. Once the assessed value is established, it is multiplied by the local tax rate to determine your annual property tax bill. Several factors influence the assessed value, including the size, location, and condition of your property, as well as recent sales of similar properties in the area. Homeowners in West Concord can expect property tax bills to vary significantly. For example, the tax bill at the 25th percentile is $2,036, while at the 75th percentile, it rises to $5,062. The 90th percentile sees tax bills as high as $5,810. In comparison to the national median property tax rate of 0.99%, West Concord's property tax rate can be considered moderate. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average West Concord Tax Bill
$3,148
Average Goodhue County Tax Bill
$3,110
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across West Concord, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55985 | $1,870 | $2,036 | $3,148 | $5,062 | $5,810 |
Source: Ownwell