Walker, Minnesota Property Taxes
The median property tax rate in Walker, MN is 0.63%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Walker at $283,800, the typical annual property tax bill reaches $1,938, which is below the national median of $2,690. Property taxes in Walker are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Walker'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 Walker 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
Walker, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,788
Ownwell’s Walker Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walker with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walker 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 Walker, Minnesota
Property taxes in Walker, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walker is 0.63%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Walker set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walker 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 Walker's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56484 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Walker provides valuable insights into the varying tax landscape across Hubbard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walker Tax Rate
0.63%
Average Hubbard County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walker, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56484 | 0.56% | 0.59% | 0.63% | 0.69% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Walker, Minnesota
In Walker, 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 Hubbard 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 Walker, 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 Walker helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Walker are both $1,938, found in the 56484 zip code.
Average Walker Assessed Value
$283,800
Average Hubbard County Assessed Value
$236,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walker, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56484 | $116,850 | $187,250 | $283,800 | $589,825 | $827,450 |
Source: Ownwell
Property Tax Bills Across Walker, Minnesota
In Walker, located in Hubbard County, MN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Walker can expect their property tax bills to vary significantly depending on their property's value. For instance, the 25th percentile tax bill in Walker is $1,134, while the 75th percentile tax bill reaches $3,855, and the 90th percentile can go up to $5,560. These figures highlight the range of property tax burdens within the city. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. This variability means that homeowners with higher-valued properties will generally face higher tax bills. Compared to the national median property tax rate of 0.99%, Walker's rates can be either more or less burdensome depending on individual property assessments and local tax policies. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Walker Tax Bill
$1,938
Average Hubbard County Tax Bill
$1,832
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Walker, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56484 | $703 | $1,134 | $1,938 | $3,855 | $5,560 |
Source: Ownwell