Wadena, Minnesota Property Taxes
The median property tax rate in Wadena, MN is 0.67%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wadena, the typical annual property tax bill amounts to $2,656, which is below the national median of $2,690. Property taxes in Wadena are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Wadena'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 Wadena 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
Wadena, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$2,933
Ownwell’s Wadena Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a straightforward way to estimate their annual property taxes in Wadena. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate in Wadena to project your property tax bill. This valuable tool provides clarity on potential tax obligations, helping you make informed financial decisions. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, serves as the basis for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Wadena, Minnesota
Property taxes in Wadena, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wadena is 1.00%, which is higher than both the Minnesota state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Wadena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wadena 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 Wadena's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56482 zip code has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Wadena provides valuable insights into the varying tax landscape across Todd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wadena Tax Rate
0.67%
Average Todd County Tax Rate
0.88%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wadena, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56482 | 0.38% | 0.40% | 0.67% | 0.81% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Wadena, Minnesota
In Wadena, 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 Todd 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 Wadena, 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 highest and lowest median tax bills in Wadena both stand at $2,656 in the 56482 zip code, reflecting a balanced tax landscape. 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 Wadena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wadena Assessed Value
$437,750
Average Todd County Assessed Value
$198,400
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wadena, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56482 | $258,620 | $331,625 | $437,750 | $496,050 | $582,300 |
Source: Ownwell
Property Tax Bills Across Wadena, Minnesota
In Wadena, located in Todd County, MN, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The assessed value is an estimate of the property's market value, which serves as the basis for calculating the tax bill. Several factors influence this valuation, including the property's size, age, location, and any improvements made. Homeowners in Wadena experience varying tax bills depending on these assessments. For example, the 25th percentile tax bill is $1,608, while the 75th percentile reaches $3,592. At the 90th percentile, tax bills can be as high as $4,301. The highest and lowest median tax bills in the area are both $2,656, reflecting the uniformity in tax assessments within the 56482 zip code. Compared to the national median property tax rate of 0.99%, Wadena's property tax rates can significantly impact homeowners, potentially leading to higher financial obligations based on their property's assessed value.
Average Wadena Tax Bill
$2,656
Average Todd County Tax Bill
$1,544
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wadena, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56482 | $1,353 | $1,608 | $2,656 | $3,592 | $4,301 |
Source: Ownwell