Annandale, Minnesota Property Taxes
The median property tax rate in Annandale, MN is 0.74%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Annandale at $362,300, the typical annual property tax bill amounts to $2,929, surpassing the national median of $2,690. Property taxes in Annandale are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural land. Familiarizing yourself with Annandale's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Annandale or another part of Wright County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Annandale, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$2,681
Ownwell’s Annandale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Annandale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Annandale 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 Annandale, Minnesota
Property taxes in Annandale, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Annandale is 0.74%, lower than the U.S. national median of 0.99%. Local government entities within Annandale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Annandale 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 Annandale's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55302 zip code has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Annandale provides valuable insights into the varying tax landscape across Wright County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Annandale Tax Rate
0.74%
Average Wright County Tax Rate
1.04%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Annandale, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55302 | 0.57% | 0.67% | 0.74% | 0.95% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Annandale, Minnesota
In Annandale, 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 Wright 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 Annandale, 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 Annandale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Wright County is $2,929 in the 55302 zip code, which is also the lowest. This compares to a national median property tax rate of 0.99%.
Average Annandale Assessed Value
$362,300
Average Wright County Assessed Value
$352,100
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Annandale, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55302 | $145,480 | $250,200 | $362,300 | $560,500 | $821,240 |
Source: Ownwell
Property Tax Bills Across Annandale, Minnesota
In Annandale, MN, property tax bills are calculated based on the assessed value of the 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 tax bill. For instance, the median home price in Annandale is $362,300, which influences the tax bill significantly. Homeowners in Annandale can expect their tax bills to vary depending on their property's value. The 25th percentile tax bill is around $2,166, while those in the 75th percentile pay approximately $3,972. At the 90th percentile, tax bills can reach up to $5,910. Compared to the national median property tax rate of 0.99%, Annandale's tax rates can be relatively high, impacting homeowners' annual expenses. These tax bills are crucial for funding local services such as schools, public safety, and infrastructure, making them an essential component of community development.
Average Annandale Tax Bill
$2,929
Average Wright County Tax Bill
$3,554
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Annandale, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55302 | $1,592 | $2,166 | $2,929 | $3,972 | $5,910 |
Source: Ownwell