Wilmont, Minnesota Property Taxes
The median property tax rate in Wilmont, MN is 0.26%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $321,900 in Wilmont, the typical annual property tax bill is $844, which is well below the national median of $2,690. Property taxes in Wilmont are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Wilmont's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wilmont 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
Wilmont, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.26%
Estimate Property Tax Bill
$837
Ownwell’s Wilmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilmont 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 Wilmont, Minnesota
Property taxes in Wilmont, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilmont is 0.26%, which is significantly lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Wilmont set these rates annually, and they can vary considerably across different neighborhoods. Each year, Wilmont 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 Wilmont's effective property tax rate to other counties in Minnesota and the national median. For comparison, the highest median property tax rate in Minnesota is 1.32%, while the lowest median tax rate is 0.25%. Understanding how these cities compare with Wilmont provides valuable insights into the varying tax landscape across Murray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilmont Tax Rate
0.26%
Average Murray County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilmont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56185 | 0.26% | 0.26% | 0.26% | 0.26% | 0.26% |
Source: Ownwell
Property Tax Assessment Values Across Wilmont, Minnesota
In Wilmont, 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 Murray 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 Wilmont, 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 Wilmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wilmont, both at $844, are found in the 56185 zip code.
Average Wilmont Assessed Value
$321,900
Average Murray County Assessed Value
$177,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wilmont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56185 | $321,900 | $321,900 | $321,900 | $321,900 | $321,900 |
Source: Ownwell
Property Tax Bills Across Wilmont, Minnesota
In Wilmont, located in Murray County, MN, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. These assessments take into account various factors, including the market value of the home, improvements made, and comparable property sales in the area. For instance, the median home price in Wilmont is $321,900. Homeowners in Wilmont face a property tax rate that translates into a median tax bill of $844. This is significantly below the national median property tax rate of 0.99%. The consistency in tax bills is notable, with the 25th, 75th, and 90th percentiles all reporting the same amount of $844. This relatively low and uniform tax burden can make homeownership more affordable and predictable in Wilmont, allowing residents to budget more effectively. It also reflects the local government's approach to property tax assessment and collection, aiming to maintain equity and transparency in the process.
Average Wilmont Tax Bill
$844
Average Murray County Tax Bill
$1,236
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilmont, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56185 | $844 | $844 | $844 | $844 | $844 |
Source: Ownwell