Verndale, Minnesota Property Taxes
The median property tax rate in Verndale, MN is 0.89%, 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 Verndale at $146,350, the typical annual property tax bill amounts to $1,376, falling below the national median of $2,690. Property taxes in Verndale are calculated based on the tax assessed value, which usually is less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Verndale'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 Verndale 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
Verndale, 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 Verndale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Verndale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Verndale 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 Verndale, Minnesota
Property taxes in Verndale, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verndale is 0.89%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Verndale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verndale 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 Verndale's effective property tax rate to other areas in Minnesota and the national median. For comparison, the zip code 56481 has both the highest and lowest median property tax rate of 0.89%, illustrating the uniformity within the region. Understanding how these figures compare with Verndale provides valuable insights into the varying tax landscape across Wadena County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Verndale Tax Rate
0.89%
Average Wadena County Tax Rate
0.94%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verndale, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56481 | 0.66% | 0.78% | 0.89% | 1.18% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Verndale, Minnesota
In Verndale, 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 Wadena 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 Verndale, 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 Verndale is $146,350, with the 25th percentile tax bill at $704 and the 75th percentile tax bill at $2,098. The highest and lowest median tax bills are both $1,376 in the zip code 56481. 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 Verndale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Verndale Assessed Value
$146,350
Average Wadena County Assessed Value
$154,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Verndale, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56481 | $20,800 | $77,575 | $146,350 | $237,675 | $329,250 |
Source: Ownwell
Property Tax Bills Across Verndale, Minnesota
In Verndale, located in Wadena County, MN, property tax bills are determined through a specific calculation process. The assessed value of a home is the primary factor, which is based on the market value of the property. For instance, the median home price in Verndale is $146,350. The local tax rate is then applied to this assessed value to compute the tax bill. Homeowners in Verndale experience a range of tax bills. At the 25th percentile, the tax bill is approximately $704, while at the 75th percentile, it rises to around $2098. For those at the 90th percentile, the tax bill can reach up to $2905. Comparatively, the median property tax rate nationally is 0.99%, which provides a benchmark for understanding local tax burdens. These property taxes fund essential community services such as schools, emergency services, and public infrastructure. Therefore, understanding how property taxes are calculated helps homeowners anticipate their financial obligations and the benefits they receive from these contributions.
Average Verndale Tax Bill
$1,376
Average Wadena County Tax Bill
$1,464
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Verndale, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56481 | $250 | $704 | $1,376 | $2,098 | $2,905 |
Source: Ownwell