Wahkon, Minnesota Property Taxes
The median property tax rate in Wahkon, MN is 0.96%, slightly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $206,300 in Wahkon, the typical annual property tax bill amounts to $1,963, which is below the national median of $2,690. Property taxes in Wahkon are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Wahkon'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 Wahkon or another part of Mille Lacs County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wahkon, 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 Wahkon Property Tax Bill Calculator assists homeowners, real estate investors, and potential owners in estimating their annual property taxes in Wahkon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wahkon 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 Wahkon, Minnesota
Property taxes in Wahkon, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wahkon is 0.96%, slightly lower than the Minnesota state median and just under the U.S. national median of 0.99%. Local government entities within Wahkon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wahkon 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 Wahkon's effective property tax rate to other areas in Mille Lacs County and the national median. For comparison, the zip code 56386 in Mille Lacs County has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Wahkon provides valuable insights into the varying tax landscape across Mille Lacs County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wahkon Tax Rate
0.96%
Average Mille Lacs County Tax Rate
1.02%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wahkon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56386 | 0.75% | 0.89% | 0.96% | 1.16% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Wahkon, Minnesota
In Wahkon, 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 Mille Lacs 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 Wahkon, 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 Wahkon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Wahkon is 56386 with $1,963, which also happens to be the lowest in the area.
Average Wahkon Assessed Value
$206,300
Average Mille Lacs County Assessed Value
$240,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wahkon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56386 | $43,220 | $94,500 | $206,300 | $335,800 | $458,860 |
Source: Ownwell
Property Tax Bills Across Wahkon, Minnesota
In Wahkon, located in Mille Lacs 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 Wahkon is $206,300. Property tax rates are applied to the assessed value to determine the annual tax bill. Homeowners in Wahkon can expect tax bills ranging from $726 at the 25th percentile to $5,060 at the 90th percentile, with the highest and lowest median tax bills both at $1,963 in the 56386 zip code. Several factors influence the tax bill, including the home's market value, local tax rates, and any applicable exemptions or deductions. These property taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Wahkon's tax rates can significantly impact homeowners, affecting their overall cost of living and financial planning. Understanding these factors can help homeowners anticipate and manage their property tax obligations effectively.
Average Wahkon Tax Bill
$1,963
Average Mille Lacs County Tax Bill
$2,562
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wahkon, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56386 | $355 | $726 | $1,963 | $3,337 | $5,060 |
Source: Ownwell