Minneiska, Minnesota Property Taxes
The median property tax rate in Minneiska, MN is 0.66%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Minneiska at $169,100, the typical annual property tax bill is $1,072, well below the national median of $2,690. Property taxes in Minneiska are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Minneiska'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 Minneiska 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
Minneiska, 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 MINNEISKA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MINNEISKA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MINNEISKA 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 Minneiska, Minnesota
Property taxes in Minneiska, MN, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minneiska is 0.66%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Minneiska set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minneiska 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 Minneiska's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55910 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Minneiska provides valuable insights into the varying tax landscape across Wabasha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minneiska Tax Rate
0.66%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minneiska, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55910 | 0.50% | 0.62% | 0.66% | 0.69% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Minneiska, Minnesota
In Minneiska, 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 Wabasha 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 Minneiska, 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 Minneiska helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Minneiska are both $1072 in the zip code 55910.
Average Minneiska Assessed Value
$169,100
Average Wabasha County Assessed Value
$243,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minneiska, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55910 | $22,240 | $91,950 | $169,100 | $219,950 | $244,140 |
Source: Ownwell
Property Tax Bills Across Minneiska, Minnesota
In MINNEISKA, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The median home price in the area is $169,100. Property taxes are then applied to this assessed value using the local tax rate. For homeowners in MINNEISKA, the property tax bill can vary significantly. At the 25th percentile, homeowners might see a tax bill around $498, while those at the 75th percentile could face a bill closer to $1,463. The 90th percentile tax bill can go up to $1,649. These variations depend on factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, MINNEISKA’s rates reflect the local economic conditions and funding requirements for public services. Homeowners need to be aware of these factors as they directly impact their annual financial obligations and the overall affordability of owning property in the region.
Average Minneiska Tax Bill
$1,072
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Minneiska, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55910 | $184 | $498 | $1,072 | $1,463 | $1,649 |
Source: Ownwell