Willow River, Minnesota Property Taxes
The median property tax rate in Willow River, MN is 0.70%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Willow River at $175,700, the typical annual property tax bill amounts to $1,148, which is well below the national median of $2,690. Property taxes in Willow River are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Willow River'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 Willow River 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
Willow River, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,230
Ownwell’s Willow River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willow River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willow River 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 Pine County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Willow River, Minnesota
Property taxes in Willow River, Minnesota, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Willow River is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Willow River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willow River 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 Willow River's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55795 zip code in Pine County has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these areas compare with Willow River provides valuable insights into the varying tax landscape across Pine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Willow River Tax Rate
0.70%
Average Pine County Tax Rate
0.75%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Willow River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55795 | 0.48% | 0.62% | 0.70% | 0.78% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Willow River, Minnesota
In Willow River, 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 Pine 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 Willow River, 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. For instance, the median home price in Willow River is $175,700, with tax bills ranging from $436 at the 25th percentile to $2,808 at the 90th percentile. The highest and lowest median tax bills are both $1,148 in zip code 55795. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Willow River Assessed Value
$175,700
Average Pine County Assessed Value
$174,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Willow River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55795 | $26,680 | $69,900 | $175,700 | $285,500 | $406,340 |
Source: Ownwell
Property Tax Bills Across Willow River, Minnesota
In Willow River, Pine County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Willow River is $175,700, and the property tax rate in the area can lead to significant variations in tax bills. For instance, homeowners at the 25th percentile can expect to pay around $436 annually, while those at the 75th percentile face bills as high as $1,981. At the 90th percentile, tax bills can reach up to $2,808. These tax bills impact homeowners by influencing their annual expenses and overall cost of homeownership. Compared to the national median property tax rate of 0.99%, the property tax burden in Willow River can be substantial, affecting budgeting and financial planning for residents. Understanding these factors can help homeowners better prepare for their financial obligations and make informed decisions about their properties.
Average Willow River Tax Bill
$1,148
Average Pine County Tax Bill
$1,286
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Willow River, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55795 | $166 | $436 | $1,148 | $1,981 | $2,808 |
Source: Ownwell