Watson, Minnesota Property Taxes
The median property tax rate in Watson, MN is 1.84%, significantly higher than both the national median of 0.99% and Minnesota's state median of 1.11%. With the median home value in Watson at $82,100, the typical annual property tax bill reaches $1,354, surpassing the national median of $2,690. Property taxes in Watson are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Watson'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 Watson 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
Watson, Minnesota Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,220
Ownwell’s Watson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watson 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 Watson, Minnesota
Property taxes in Watson, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watson is 1.84%, significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Watson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watson 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 Watson's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56295 zip code has both the highest and lowest median property tax rate of 1.84%. Understanding how these cities compare with Watson provides valuable insights into the varying tax landscape across Chippewa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Watson Tax Rate
1.84%
Average Chippewa County Tax Rate
1.23%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56295 | 0.71% | 0.84% | 1.84% | 2.15% | 2.71% |
Source: Ownwell
Property Tax Assessment Values Across Watson, Minnesota
In Watson, 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 Chippewa 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 Watson, 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 Watson is $82,100, with tax bills ranging from $874 at the 25th percentile to $2,888 at the 90th percentile. The zip code 56295 has the highest and lowest median tax bill, both at $1,354. Being aware of these valuation processes in Watson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Watson Assessed Value
$82,100
Average Chippewa County Assessed Value
$136,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Watson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56295 | $29,420 | $49,400 | $82,100 | $135,500 | $311,840 |
Source: Ownwell
Property Tax Bills Across Watson, Minnesota
In Watson, located in Chippewa County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Watson is $82,100. Property tax rates are applied to this assessed value to determine the annual tax bill. For instance, the median property tax bill in Watson is $1,354, which aligns with the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions. Homeowners in Watson may see their tax bills vary significantly, with the 25th percentile at $874, the 75th percentile at $2,191, and the 90th percentile reaching up to $2,888. These variations can significantly impact household budgets, making it essential for homeowners to understand how their property is assessed and what exemptions they might qualify for to potentially lower their tax burden.
Average Watson Tax Bill
$1,354
Average Chippewa County Tax Bill
$1,622
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Watson, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56295 | $545 | $874 | $1,354 | $2,191 | $2,888 |
Source: Ownwell