Winsted, Minnesota Property Taxes
The median property tax rate in Winsted, MN is 0.58%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Winsted, the typical annual property tax bill reaches $3,094, exceeding the national median of $2,690. Property taxes in Winsted 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 Winsted'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 Winsted 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
Winsted, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$2,868
Ownwell’s Winsted Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winsted with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winsted 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 Winsted, Minnesota
Property taxes in Winsted, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winsted is 0.58%, which is lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Winsted set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winsted 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 Winsted's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55395 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these figures compare with Winsted provides valuable insights into the varying tax landscape across Carver County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winsted Tax Rate
0.58%
Average Carver County Tax Rate
1.09%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winsted, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55395 | 0.30% | 0.40% | 0.58% | 0.88% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Winsted, Minnesota
In Winsted, 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 Carver 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 Winsted, 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 Winsted helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55395 has the highest and lowest median tax bill, both at $3,094.
Average Winsted Assessed Value
$494,500
Average Carver County Assessed Value
$399,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winsted, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55395 | $293,160 | $414,050 | $494,500 | $769,150 | $1,010,140 |
Source: Ownwell
Property Tax Bills Across Winsted, Minnesota
In Winsted, located in Carver County, MN, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The median home price in Winsted is $494,500, which serves as the basis for calculating the tax bill. Homeowners can expect their property tax bills to vary significantly based on their property's assessed value and the specific tax rate applied by local authorities. For instance, tax bills at the 25th percentile are around $2,221, while those at the 75th percentile reach approximately $3,954. At the 90th percentile, homeowners may face tax bills as high as $5,542. These figures illustrate the range of property tax obligations in the area. The highest and lowest median tax bills in the city are both recorded at $3,094, reflecting some consistency in property tax rates within the zip code 55395. Compared to the national median property tax rate of 0.99%, Winsted's property tax rates can have a substantial impact on homeowners' annual expenses, influencing their financial planning and overall cost of living.
Average Winsted Tax Bill
$3,094
Average Carver County Tax Bill
$4,166
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Winsted, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55395 | $1,776 | $2,221 | $3,094 | $3,954 | $5,542 |
Source: Ownwell