Warroad, Minnesota Property Taxes
The median property tax rate in Warroad, MN is 0.75%, 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 $248,150 in Warroad, the typical annual property tax bill amounts to $1,910, falling below the national median of $2,690. Property taxes in Warroad are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Warroad'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 Warroad 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
Warroad, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,861
Ownwell’s Warroad Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Warroad with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warroad 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 Lake of the Woods County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Warroad, Minnesota
Property taxes in Warroad, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warroad is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Warroad set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warroad 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 Warroad's effective property tax rate to other regions in Minnesota and the national median. For comparison, the zip code 56763 has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Warroad provides valuable insights into the varying tax landscape across Lake of the Woods County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Warroad Tax Rate
0.75%
Average Lake Of The Woods County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warroad, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56763 | 0.69% | 0.73% | 0.75% | 0.77% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Warroad, Minnesota
In Warroad, 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 Lake of the Woods County Assessor 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 Warroad, 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. For instance, in Warroad, the median home price is $248,150. The 25th percentile tax bill is $1,715, while the 75th percentile tax bill is $2,138, and the 90th percentile tax bill is $2,168. The highest and lowest median tax bills are both $1,910 in the zip code 56763. By understanding 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 Warroad helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Warroad Assessed Value
$248,150
Average Lake Of The Woods County Assessed Value
$104,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Warroad, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56763 | $195,100 | $228,650 | $248,150 | $272,825 | $280,700 |
Source: Ownwell
Property Tax Bills Across Warroad, Minnesota
Property tax bills in Warroad, located in Lake of the Woods County, MN, are determined based on the assessed value of a property, which is influenced by the market value and local tax rates. Homeowners in this area experience tax bills that vary significantly, with the 25th percentile at $1,715 and the 75th percentile at $2,138. The 90th percentile tax bill reaches up to $2,168. These bills are calculated by multiplying the assessed value of the property by the local tax rate. For instance, with a median home price of $248,150, homeowners can expect their tax bills to fall within the aforementioned range. This system ensures that property taxes are proportionate to the value of the home, impacting homeowners by requiring higher contributions from those with more valuable properties. Compared to the national median property tax rate of 0.99%, Warroad's tax bills reflect the local economic conditions and property values, providing a tailored approach to property taxation in the region.
Average Warroad Tax Bill
$1,910
Average Lake Of The Woods County Tax Bill
$794
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Warroad, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56763 | $1,390 | $1,715 | $1,910 | $2,138 | $2,168 |
Source: Ownwell