Worthington, Minnesota Property Taxes
The median property tax rate in Worthington, MN is 0.99%, aligning exactly with the national median of 0.99% but slightly below the Minnesota state median of 1.11%. With a median home value of $197,700 in Worthington, the typical annual property tax bill amounts to $1,824, which is significantly lower than the national median of $2,690. Property taxes in Worthington are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Worthington'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 Worthington or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Worthington, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,957
Ownwell’s Worthington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Worthington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Worthington 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 Worthington, Minnesota
Property taxes in Worthington, Minnesota, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Worthington is 0.99%, aligning with both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Worthington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Worthington 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 Worthington's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56187 has both the highest and the lowest median property tax rate of 0.99%. Understanding how these areas compare with Worthington provides valuable insights into the varying tax landscape across Nobles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Worthington Tax Rate
0.99%
Average Nobles County Tax Rate
1.00%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Worthington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56187 | 0.70% | 0.86% | 0.99% | 1.07% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Worthington, Minnesota
In Worthington, 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 Nobles 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 Worthington, 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 Worthington 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 is 56187, which stands at $1,824, while the lowest median tax bill also occurs in the same zip code at $1,824.
Average Worthington Assessed Value
$197,700
Average Nobles County Assessed Value
$169,800
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Worthington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56187 | $88,700 | $133,650 | $197,700 | $279,350 | $378,940 |
Source: Ownwell
Property Tax Bills Across Worthington, Minnesota
In Worthington, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. For homeowners in Worthington, the median home price is $197,700. Property tax bills vary significantly, with the 25th percentile at $1,196 and the 75th percentile at $2,752. At the 90th percentile, homeowners can expect to pay around $3,830 annually. The highest and lowest median tax bills in the area are both $1,824, indicating a consistent tax rate within the city. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Worthington's rates reflect the community's specific needs and values.
Average Worthington Tax Bill
$1,824
Average Nobles County Tax Bill
$1,588
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Worthington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56187 | $767 | $1,196 | $1,824 | $2,752 | $3,830 |
Source: Ownwell