Reads Landing, Minnesota Property Taxes
The median property tax rate in Reads Landing, MN is 0.62%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Reads Landing at $191,900, the typical annual property tax bill reaches $1,206, significantly below the national median of $2,690. Property taxes in Reads Landing are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Reads Landing'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 Reads Landing 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
Reads Landing, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,190
Ownwell’s Reads Landing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reads Landing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reads Landing 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 Wabasha County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Reads Landing, Minnesota
Property taxes in Reads Landing, Minnesota, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Reads Landing is 0.62%, which is lower than the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Reads Landing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reads Landing 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 Reads Landing's effective property tax rate to other areas in Wabasha County and the national median. For comparison, the zip code 55968 has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Reads Landing 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 Reads Landing Tax Rate
0.62%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reads Landing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55968 | 0.55% | 0.58% | 0.62% | 0.66% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Reads Landing, Minnesota
In Reads Landing, Minnesota, understanding the distinction between "market value" and "assessed value" is essential for comprehending property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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 Reads Landing, 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. For instance, the median home price in Reads Landing is $191,900, with tax bills ranging from $852 at the 25th percentile to $3,034 at the 90th percentile. 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 their tax burden. The highest and lowest median tax bills in the area are both $1,206, found in zip code 55968.
Property Tax Assessment Values Across Reads Landing, Minnesota
Source: Ownwell
$100,400
$307,800
$515,200
Average Reads Landing Assessed Value
$191,900
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 Reads Landing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55968 | $113,490 | $144,650 | $191,900 | $276,725 | $453,020 |
Source: Ownwell
Property Tax Bills Across Reads Landing, Minnesota
In Reads Landing, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local county assessor's office and reflects the market value of the property. Various factors influence this assessment, including the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Reads Landing, Wabasha County, the median home price is $191,900. Property tax bills can vary significantly; the 25th percentile tax bill is $852, while the 75th percentile reaches $1,794. At the 90th percentile, homeowners might see tax bills as high as $3,034. The median tax bill in Reads Landing stands at $1,206, which is slightly above the national median property tax rate of 0.99%. These property tax bills directly impact homeowners by influencing their annual housing costs. Understanding how these taxes are calculated helps homeowners budget more effectively and anticipate their financial obligations.
Average Reads Landing Tax Bill
$1,206
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Reads Landing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55968 | $690 | $852 | $1,206 | $1,794 | $3,034 |
Source: Ownwell