Waterville, Minnesota Property Taxes
The median property tax rate in Waterville, MN is 1.10%, slightly higher than the national median of 0.99% but just below the Minnesota state median of 1.11%. With a median home value of $257,200 in Waterville, the typical annual property tax bill amounts to $2,522, which is close to the national median of $2,690. Property taxes in Waterville are calculated based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Waterville'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 Waterville 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
Waterville, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$2,829
Ownwell’s Waterville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterville 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 Waterville, Minnesota
Property taxes in Waterville, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterville is 1.10%, which is higher than the U.S. national median of 0.99%. Local government entities within Waterville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterville 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 Waterville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the ZIP code 56096 has the highest median property tax rate of 1.10%, while the same ZIP code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Waterville provides valuable insights into the varying tax landscape across Le Sueur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waterville Tax Rate
1.10%
Average Le Sueur County Tax Rate
1.14%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56096 | 0.74% | 0.83% | 1.10% | 1.20% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Waterville, Minnesota
In Waterville, 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 Le Sueur County Assessor's Office 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 Waterville, 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. The median home price in Waterville is $257,200, with tax bills ranging from $1,864 at the 25th percentile to $4,478 at the 90th percentile. The zip code 56096 has the highest and lowest median tax bill at $2,522. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waterville Assessed Value
$257,200
Average Le Sueur County Assessed Value
$290,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waterville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56096 | $107,260 | $173,075 | $257,200 | $366,950 | $513,950 |
Source: Ownwell
Property Tax Bills Across Waterville, Minnesota
In Waterville, Le Sueur County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and then applies an assessment ratio. For example, with a median home price of $257,200, various factors like property size, location, and improvements are considered. The tax rate is set by local taxing authorities, including the county, school districts, and other municipal entities. In Waterville, the property tax bill can vary significantly. Homeowners at the 25th percentile pay around $1,864 annually, while those at the 75th percentile face a bill of $3,390. The highest bills, at the 90th percentile, can reach up to $4,478. These tax bills can affect homeowners by impacting their annual budgeting and long-term financial planning. Compared to the national median property tax rate of 0.99%, Waterville's rates reflect the local funding needs and property values, making it essential for homeowners to stay informed about their tax obligations.
Average Waterville Tax Bill
$2,522
Average Le Sueur County Tax Bill
$3,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56096 | $975 | $1,864 | $2,522 | $3,390 | $4,478 |
Source: Ownwell