Winthrop, Minnesota Property Taxes
The median property tax rate in Winthrop, MN is 0.81%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value in Winthrop of $228,750, the typical annual property tax bill amounts to $2,015, falling below the national median of $2,690. Property taxes in Winthrop are calculated based on the tax assessed value, which often lies below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Winthrop'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 Winthrop or another part of Sibley County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Winthrop, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,853
Ownwell’s Winthrop Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winthrop with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winthrop 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 Winthrop, Minnesota
Property taxes in Winthrop, Minnesota, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Winthrop is 0.81%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Winthrop set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winthrop 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 Winthrop's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55396 has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Winthrop provides valuable insights into the varying tax landscape across Sibley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winthrop Tax Rate
0.81%
Average Sibley County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winthrop, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55396 | 0.30% | 0.48% | 0.81% | 1.27% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Winthrop, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Winthrop, MN. 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 Sibley 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 Winthrop, 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. The median home price in Winthrop is $228,750, with tax bills ranging from $1,276 at the 25th percentile to $4,680 at the 90th percentile. Interestingly, the zip code 55396 holds both the highest and lowest median tax bills at $2,015. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Winthrop Assessed Value
$228,750
Average Sibley County Assessed Value
$273,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winthrop, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55396 | $70,580 | $137,825 | $228,750 | $460,625 | $1,017,290 |
Source: Ownwell
Property Tax Bills Across Winthrop, Minnesota
Property tax bills in Winthrop, located in Sibley County, MN, are calculated based on the assessed value of your property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of your home. For instance, with a median home price of $228,750, the property tax rate is applied to this value to calculate your annual tax bill. Local tax rates and levies, which fund public services such as schools, infrastructure, and emergency services, play a significant role in determining the final amount. In Winthrop, the property tax bills vary significantly, with the 25th percentile at $1,276, the 75th percentile at $3,051, and the 90th percentile reaching $4,680. These tax obligations can have a substantial impact on homeowners, influencing their overall housing costs and financial planning. Comparing these figures to the national median property tax rate of 0.99%, it's evident that property tax rates and bills in Winthrop can be relatively higher or lower, depending on specific circumstances and property values.
Average Winthrop Tax Bill
$2,015
Average Sibley County Tax Bill
$2,314
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Winthrop, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55396 | $585 | $1,276 | $2,015 | $3,051 | $4,680 |
Source: Ownwell