Wirt, Minnesota Property Taxes
The median property tax rate in Wirt, MN, is 0.93%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $84,400 in Wirt, the typical annual property tax bill amounts to $659, significantly below the national median of $2,690. Property taxes in Wirt 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 properties. Understanding Wirt's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wirt 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
Wirt, 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 WIRT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WIRT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WIRT 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 Wirt, Minnesota
Property taxes in Wirt, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wirt is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Wirt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wirt 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 Wirt's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56688 has both the highest and lowest median property tax rate of 0.93%. Understanding how these cities compare with Wirt 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 Wirt Tax Rate
0.93%
Average Itasca County Tax Rate
0.93%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wirt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56688 | 0.42% | 0.78% | 0.93% | 1.01% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Wirt, Minnesota
In Wirt, 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 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 Wirt, 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 Wirt is $84,400, with the 25th percentile tax bill at $369 and the 75th percentile tax bill at $1,110. The highest and lowest median tax bill is $659 in the zip code 56688. 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 Wirt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wirt Assessed Value
$84,400
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 Wirt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56688 | $23,680 | $47,750 | $84,400 | $147,275 | $254,640 |
Source: Ownwell
Property Tax Bills Across Wirt, Minnesota
Property tax bills in Wirt, located in Itasca County, MN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For instance, with a median home price of $84,400 in Wirt, the property tax rate is applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Wirt can expect their tax bills to vary widely, with amounts ranging from $369 at the 25th percentile to $2,146 at the 90th percentile. The median property tax bill in the area is $659, which is significantly lower than the national median property tax rate of 0.99%. This variation in tax bills affects homeowners differently, depending on their property's assessed value and eligibility for exemptions. Lower tax bills can be beneficial for homeowners with limited incomes, while higher assessments may impact those with more valuable properties.
Average Wirt Tax Bill
$659
Average Itasca County Tax Bill
$1,502
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wirt, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56688 | $169 | $369 | $659 | $1,110 | $2,146 |
Source: Ownwell