Winnebago, Minnesota Property Taxes
The median property tax rate in Winnebago, MN is 1.10%, slightly higher than the national median of 0.99% but just below Minnesota's state median of 1.11%. With a median home value of $97,200 in Winnebago, the typical annual property tax bill amounts to $1,012, which is lower than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often less than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Winnebago's property tax system, exploring available exemptions, and seeking potential reductions can result in substantial yearly savings. Whether residing in Winnebago or investing in property within the city, understanding the local property tax system is crucial for both homeowners and real estate investors.
Last Updated June 14, 2024
Winnebago, 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 Winnebago Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Winnebago with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winnebago 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 Winnebago, Minnesota
Property taxes in Winnebago, Minnesota, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Winnebago is 1.10%, which is significantly higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Winnebago set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winnebago 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 Winnebago's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56098 has both the highest and the lowest median property tax rate of 1.10%. Understanding how these cities compare with Winnebago provides valuable insights into the varying tax landscape across Faribault County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winnebago Tax Rate
1.10%
Average Faribault County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winnebago, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56098 | 0.49% | 0.72% | 1.10% | 1.57% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Winnebago, Minnesota
In Winnebago, 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 Faribault County Assessor 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 Winnebago, 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 Winnebago helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 56098, with a value of $1,012.
Average Winnebago Assessed Value
$97,200
Average Faribault County Assessed Value
$99,500
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winnebago, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56098 | $11,720 | $43,600 | $97,200 | $170,250 | $301,690 |
Source: Ownwell
Property Tax Bills Across Winnebago, Minnesota
In Winnebago, MN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $97,200, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $478, while those in the 75th percentile see bills closer to $1,878. The highest tax bills, at the 90th percentile, can reach up to $2,910. Several factors influence these variations, including property location, home improvements, and changes in the local tax rate. Compared to the national median property tax rate of 0.99%, Winnebago's rates can be seen as relatively moderate. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding these factors helps residents anticipate their financial obligations and plan accordingly.
Average Winnebago Tax Bill
$1,012
Average Faribault County Tax Bill
$1,105
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Winnebago, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56098 | $116 | $478 | $1,012 | $1,878 | $2,910 |
Source: Ownwell