Winona, Minnesota Property Taxes
The median property tax rate in Winona, MN is 0.92%, slightly below the national median of 0.99% and significantly lower than the Minnesota state median of 1.11%. With a median home value of $197,400 in Winona, the typical annual property tax bill amounts to $1,792, which is also below the national median of $2,690. Property taxes in Winona are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Winona'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 Winona 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
Winona, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,816
Ownwell’s Winona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winona 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 Winona, Minnesota
Property taxes in Winona, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winona is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Winona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winona 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 Winona's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55987 zip code has both the highest and the lowest median property tax rate of 0.92%. Understanding how these cities compare with Winona provides valuable insights into the varying tax landscape across Winona County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winona Tax Rate
0.92%
Average Winona County Tax Rate
0.91%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55987 | 0.69% | 0.81% | 0.92% | 0.98% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Winona, Minnesota
In Winona, 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 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 Winona, 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. The median home price in Winona is $197,400, with tax bills ranging from $1,278 at the 25th percentile to $3,524 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Winona Assessed Value
$197,400
Average Winona County Assessed Value
$212,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55987 | $101,100 | $147,400 | $197,400 | $281,800 | $400,500 |
Source: Ownwell
Property Tax Bills Across Winona, Minnesota
In Winona, 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. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the assessed value, including the home's location, size, age, and condition. For homeowners in Winona, the median home price is $197,400. Property tax bills can vary widely, with the 25th percentile paying around $1,278, while those in the 75th percentile face bills up to $2,520. The 90th percentile sees even higher bills, reaching $3,524. Despite these variations, the median tax bill in Winona is $1,792, which is below the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners need to stay informed about their property's assessed value and any changes in the local tax rate to manage their financial planning effectively.
Average Winona Tax Bill
$1,792
Average Winona County Tax Bill
$1,884
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Winona, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55987 | $752 | $1,278 | $1,792 | $2,520 | $3,524 |
Source: Ownwell