Woodbury, Minnesota Property Taxes
The median property tax rate in Woodbury, MN is 1.20%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Woodbury, the typical annual property tax bill reaches $3,524, exceeding the national median of $2,690. Property taxes in Woodbury 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 Woodbury'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 Woodbury 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
Woodbury, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$3,598
Ownwell’s Woodbury Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Woodbury with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Woodbury to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Washington County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Woodbury, Minnesota
Property taxes in Woodbury, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodbury is 1.20%, higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Woodbury set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodbury 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 Woodbury's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55125 zip code has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Woodbury provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woodbury Tax Rate
1.20%
Average Washington County Tax Rate
1.12%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodbury, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55125 | 1.16% | 1.17% | 1.20% | 1.20% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Woodbury, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Woodbury, Minnesota. 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 Washington 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 Woodbury, 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 Woodbury helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55125 has the highest and lowest median tax bill, both at $3,524, highlighting the uniformity in tax assessments within this area.
Average Woodbury Assessed Value
$299,800
Average Washington County Assessed Value
$376,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woodbury, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55125 | $6,000 | $6,000 | $299,800 | $313,300 | $341,900 |
Source: Ownwell
Property Tax Bills Across Woodbury, Minnesota
In Woodbury, located in Washington County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the size of the property, location, and any improvements made to the home. Homeowners in Woodbury can expect varying tax bills depending on these factors. For instance, tax bills in the 25th percentile are as low as $72, while those in the 75th percentile can reach up to $3,897. At the 90th percentile, homeowners may see tax bills as high as $4,218. The median home price in Woodbury is $299,800, which influences the overall tax burden. With a local tax rate higher than the national median of 0.99%, homeowners in Woodbury may find their property taxes significantly impacting their annual expenses.
Average Woodbury Tax Bill
$3,524
Average Washington County Tax Bill
$4,148
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodbury, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55125 | $72 | $72 | $3,524 | $3,897 | $4,218 |
Source: Ownwell