Worthington, Minnesota Property Taxes
The median property tax rate in Worthington, MN is 0.78%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $198,500 in Worthington, the typical annual property tax bill amounts to $1,586, which is considerably less than the national median of $2,690. Property taxes in Worthington are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Worthington'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 Worthington 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
Worthington, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,548
Ownwell’s Worthington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Worthington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Worthington 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 Worthington, Minnesota
Property taxes in Worthington, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Worthington is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Worthington set these rates annually, and they can vary across different neighborhoods. Each year, Worthington 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 Worthington's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56187 has both the highest and lowest median property tax rate of 0.78%. Understanding how these areas compare with Worthington provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Worthington Tax Rate
0.78%
Average Jackson County Tax Rate
1.05%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Worthington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56187 | 0.30% | 0.35% | 0.78% | 0.90% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Worthington, Minnesota
In Worthington, 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 Jackson 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 Worthington, 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 Worthington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $198,500, with tax bills ranging from $775 at the 25th percentile to $4,240 at the 90th percentile. The zip code 56187 has the highest and lowest median tax bill at $1,586.
Average Worthington Assessed Value
$198,500
Average Jackson County Assessed Value
$145,950
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Worthington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56187 | $79,520 | $129,500 | $198,500 | $587,350 | $1,334,880 |
Source: Ownwell
Property Tax Bills Across Worthington, Minnesota
In Worthington, MN, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Factors that influence the tax bill include the property's market value, local government budgets, and public service funding needs. Homeowners in Worthington can expect a range of tax bills, with the 25th percentile at $775 and the 75th percentile reaching $2,262. The highest tax bills can go up to $4,240, reflecting the variability in property values and local tax rates. For homeowners, this means their annual tax bill will be a significant part of their housing costs, affecting their overall financial planning. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand local tax implications for better financial management.
Average Worthington Tax Bill
$1,586
Average Jackson County Tax Bill
$1,463
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Worthington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56187 | $411 | $775 | $1,586 | $2,262 | $4,240 |
Source: Ownwell