Waskish, Minnesota Property Taxes
The median property tax rate in Waskish, MN is 0.95%, slightly below the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Waskish at $61,550, the typical annual property tax bill is $596, significantly lower than the national median of $2,690. Property taxes in Waskish are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Waskish'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 Waskish or another part of Beltrami County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waskish, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$585
Ownwell’s Waskish Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waskish with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waskish 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 Waskish, Minnesota
Property taxes in Waskish, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waskish is 0.95%, which is slightly below the U.S. national median of 0.99%. Local government entities within Waskish set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waskish 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 Waskish's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56685 has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Waskish provides valuable insights into the varying tax landscape across Beltrami County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waskish Tax Rate
0.95%
Average Beltrami County Tax Rate
0.85%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waskish, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56685 | 0.70% | 0.84% | 0.95% | 1.10% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Waskish, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waskish, MN. 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 local authorities 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 Waskish, 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 Waskish helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Waskish is $61,550, with tax bills ranging from $176 at the 25th percentile to $2,045 at the 90th percentile. The highest and lowest median tax bills are both $596 in the 56685 zip code.
Average Waskish Assessed Value
$61,550
Average Beltrami County Assessed Value
$190,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waskish, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56685 | $2,800 | $14,850 | $61,550 | $134,950 | $240,340 |
Source: Ownwell
Property Tax Bills Across Waskish, Minnesota
In Waskish, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of properties within Beltrami County. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Waskish, the median home price is $61,550, with property tax bills varying significantly across different percentiles. At the 25th percentile, homeowners can expect a tax bill of around $176, while those at the 75th percentile might pay approximately $1,176. The highest tax bills, at the 90th percentile, can reach up to $2,045. Compared to the national median property tax rate of 0.99%, Waskish's property tax rates can be seen as relatively moderate, providing a balanced approach for homeowners. This system ensures that property taxes are equitable and reflective of the property's market value.
Average Waskish Tax Bill
$596
Average Beltrami County Tax Bill
$1,559
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Waskish, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56685 | $27 | $176 | $596 | $1,176 | $2,045 |
Source: Ownwell