Winsted, Minnesota Property Taxes
The median property tax rate in Winsted, MN is 1.31%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Winsted, the typical annual property tax bill reaches $172, which is significantly lower than the national median of $2,690. Property taxes in Winsted are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Winsted'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 Winsted 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
Winsted, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$166
Ownwell’s Winsted Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winsted with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winsted 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 Winsted, Minnesota
Property taxes in Winsted, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winsted is 1.31%, notably higher than the U.S. national median of 0.99%. Local government entities within Winsted set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winsted 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 Winsted's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55395 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Winsted provides valuable insights into the varying tax landscape across McLeod County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winsted Tax Rate
1.31%
Average Mcleod County Tax Rate
1.47%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winsted, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55395 | 1.27% | 1.29% | 1.31% | 1.84% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Winsted, Minnesota
In Winsted, 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 McLeod 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 Winsted, 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 Winsted helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Winsted is $12,700, with median tax bills ranging from $126 at the 25th percentile to $805 at the 90th percentile. The zip code 55395 has both the highest and lowest median tax bills at $172.
Average Winsted Assessed Value
$12,700
Average Mcleod County Assessed Value
$25,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winsted, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55395 | $8,630 | $9,600 | $12,700 | $20,975 | $53,870 |
Source: Ownwell
Property Tax Bills Across Winsted, Minnesota
In Winsted, McLeod County, MN, property tax bills are calculated based on the assessed value of a home, which is distinct from its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, leading to variations in tax amounts. For instance, the median home price in Winsted is $12,700, resulting in median tax bills that range from $126 at the 25th percentile to $290 at the 75th percentile. The highest median tax bill in the area is $172, which is significantly lower than the national median property tax rate of 0.99%. Homeowners in Winsted benefit from relatively low property taxes, but they should still be aware of the factors that can affect their assessments and, consequently, their tax bills. Understanding these elements helps homeowners plan their finances better and potentially appeal their tax assessments if they believe their property has been overvalued.
Average Winsted Tax Bill
$172
Average Mcleod County Tax Bill
$460
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Winsted, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55395 | $116 | $126 | $172 | $290 | $805 |
Source: Ownwell