Warba, Minnesota Property Taxes
The median property tax rate in Warba, MN is 0.82%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Warba, the typical annual property tax bill is $1,048, significantly below the national median of $2,690. Property taxes in Warba are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural land. Understanding Warba'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 Warba or another part of Itasca County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Warba, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Warba Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Warba with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warba 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 Warba, Minnesota
Property taxes in Warba, Minnesota, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warba is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Warba set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warba 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 Warba's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55793 has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Warba provides valuable insights into the varying tax landscape across Itasca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Warba Tax Rate
0.82%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warba, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55793 | 0.40% | 0.66% | 0.82% | 0.94% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Warba, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Warba, 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 the Itasca 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 Warba, 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 Warba helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55793 has the highest and lowest median tax bill at $1048, reflecting the need for careful attention to these details.
Average Warba Assessed Value
$145,100
Average Itasca County Assessed Value
$169,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Warba, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55793 | $36,400 | $74,000 | $145,100 | $229,300 | $336,800 |
Source: Ownwell
Property Tax Bills Across Warba, Minnesota
In Warba, located in Itasca County, MN, property tax bills are calculated based on the assessed value of a home, which is then multiplied by the local property tax rate. The median home price in Warba is $145,100, and the property tax rate in Itasca County aligns closely with the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax bill. Homeowners in Warba experience a wide range of property tax bills. At the 25th percentile, tax bills are around $480, while those at the 75th percentile see bills closer to $1,828. For the top 10% of homeowners, tax bills can reach up to $2,810. The highest and lowest median tax bills in Warba are both $1,048, indicating a relatively stable tax environment within the city. These property tax bills can significantly affect homeowners, influencing their overall cost of living and financial planning.
Average Warba Tax Bill
$1,048
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Warba, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55793 | $216 | $480 | $1,048 | $1,828 | $2,810 |
Source: Ownwell