Watkins, Minnesota Property Taxes
The median property tax rate in Watkins, MN is 0.91%, 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 $243,800 in Watkins, the typical annual property tax bill amounts to $2,197, falling below the national median of $2,690. Property taxes in Watkins are calculated 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. Understanding Watkins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Watkins or another part of Meeker County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Watkins, 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 Watkins Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Watkins with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watkins to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and make informed decisions. For those interested in examining trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Watkins, Minnesota
Property taxes in Watkins, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watkins is 0.91%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Watkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watkins 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 Watkins' effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55389 has both the highest and lowest median property tax rate of 0.91%. Understanding how these cities compare with Watkins provides valuable insights into the varying tax landscape across Meeker County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Watkins Tax Rate
0.91%
Average Meeker County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watkins, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55389 | 0.68% | 0.82% | 0.91% | 1.09% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Watkins, Minnesota
In Watkins, 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 Meeker 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 Watkins, 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 Watkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $243,800, with the highest and lowest median tax bills both recorded at $2,197 in zip code 55389.
Average Watkins Assessed Value
$243,800
Average Meeker County Assessed Value
$230,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Watkins, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55389 | $102,300 | $166,175 | $243,800 | $347,125 | $460,010 |
Source: Ownwell
Property Tax Bills Across Watkins, Minnesota
In Watkins, located in Meeker County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Watkins is $243,800, and the property tax rate is a critical factor in determining the final tax bill. Homeowners in Watkins can expect their tax bills to vary significantly, with the 25th percentile tax bill at $1,451 and the 75th percentile reaching $3,223. At the 90th percentile, tax bills can go up to $4,250. The property tax rate in Watkins is influenced by various factors, including local government budgets, public services, and school funding needs. Compared to the national median property tax rate of 0.99%, Watkins homeowners may find their tax bills to be relatively moderate or high, depending on their property's assessed value. These tax bills can impact homeowners by affecting their annual expenses and potentially influencing their decisions on property investments and home improvements.
Average Watkins Tax Bill
$2,197
Average Meeker County Tax Bill
$2,075
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Watkins, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55389 | $812 | $1,451 | $2,197 | $3,223 | $4,250 |
Source: Ownwell