Wright, Minnesota Property Taxes
The median property tax rate in Wright, MN is 0.90%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wright, the typical annual property tax bill amounts to $927, significantly below the national median of $2,690. Property taxes in Wright are calculated based on the assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Wright'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 Wright 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
Wright, 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 Wright Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wright with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wright 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 Wright, Minnesota
Property taxes in Wright, Minnesota, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wright is 1.09%, higher than both the Minnesota state median of 1.00% and the U.S. national median of 0.99%. Local government entities within Wright set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wright 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 Wright's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55798 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Wright provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wright Tax Rate
0.90%
Average St. Louis County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wright, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55798 | 0.80% | 0.87% | 0.90% | 0.93% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Wright, Minnesota
In Wright, 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 St. Louis 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 Wright, 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 Wright helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wright are both $927, found in zip code 55798.
Average Wright Assessed Value
$103,400
Average St. Louis County Assessed Value
$137,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wright, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55798 | $35,070 | $67,475 | $103,400 | $164,225 | $199,850 |
Source: Ownwell
Property Tax Bills Across Wright, Minnesota
Property tax bills in Wright, located in St. Louis County, MN, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This value is then multiplied by the tax rate set by local government entities, including the county, school district, and other special districts. Homeowners in Wright typically see a range of property tax bills depending on the value of their homes. For instance, the tax bill at the 25th percentile is $634, while at the 75th percentile, it's $1,394. The 90th percentile sees tax bills as high as $1,730. This variation reflects differences in property values and the specific tax rates applied. Comparatively, the median property tax rate in Wright aligns closely with the national median rate of 0.99%. These property taxes fund essential public services such as education, infrastructure, and emergency services, directly impacting the quality of life for homeowners in the area.
Average Wright Tax Bill
$927
Average St. Louis County Tax Bill
$1,738
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wright, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55798 | $283 | $634 | $927 | $1,394 | $1,730 |
Source: Ownwell