Wannaska, Minnesota Property Taxes
The median property tax rate in Wannaska, MN is 0.75%, which is significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $136,850, the typical annual property tax bill in Wannaska comes to $1,316, well below the national median of $2,690. Property taxes in Wannaska are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Wannaska's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you reside in the heart of Wannaska or in another part of the city, familiarizing yourself with the local property tax regulations will benefit both homeowners and real estate investors alike.
Last Updated June 14, 2024
Wannaska, 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 Wannaska Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wannaska with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wannaska 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 Wannaska, Minnesota
Property taxes in Wannaska, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wannaska is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Wannaska set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wannaska 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 Wannaska's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56761 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Wannaska provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wannaska Tax Rate
0.75%
Average Marshall County Tax Rate
0.87%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wannaska, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56761 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Wannaska, Minnesota
In Wannaska, 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 Marshall 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 Wannaska, 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 Wannaska helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $1,316 in the 56761 zip code.
Average Wannaska Assessed Value
$136,850
Average Marshall County Assessed Value
$114,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wannaska, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56761 | $105,130 | $117,025 | $136,850 | $156,675 | $168,570 |
Source: Ownwell
Property Tax Bills Across Wannaska, Minnesota
In Wannaska, located in Marshall County, MN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and reflects an estimate of the property's market value. This value is then multiplied by the local tax rate to calculate the property tax bill. For homeowners in Wannaska, the median home price is $136,850. With a property tax rate that aligns closely with the national median of 0.99%, homeowners can expect their annual tax bill to be around $1,316, which falls within the 25th, 75th, and 90th percentiles for the area. This consistency in tax bills provides a predictable expense for homeowners, allowing for better financial planning. Factors such as property improvements, neighborhood changes, and overall market conditions can influence the assessed value, and consequently, the tax bill. For homeowners, understanding these factors and how they affect property taxes is crucial for managing long-term housing costs.
Average Wannaska Tax Bill
$1,316
Average Marshall County Tax Bill
$868
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wannaska, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56761 | $1,316 | $1,316 | $1,316 | $1,316 | $1,316 |
Source: Ownwell