Wykoff, Minnesota Property Taxes
The median property tax rate in Wykoff, MN is 0.79%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Wykoff at $159,600, the typical annual property tax bill amounts to $1,364, falling below the national median of $2,690. Property taxes in Wykoff are calculated 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 properties. Understanding Wykoff'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 Wykoff or another part of Fillmore County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wykoff, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,261
Ownwell’s Wykoff Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wykoff with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wykoff 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 Wykoff, Minnesota
Property taxes in Wykoff, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wykoff is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Wykoff set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wykoff 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 Wykoff's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55990 has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Wykoff provides valuable insights into the varying tax landscape across Fillmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wykoff Tax Rate
0.79%
Average Fillmore County Tax Rate
0.81%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wykoff, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55990 | 0.26% | 0.48% | 0.79% | 1.04% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Wykoff, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wykoff, Minnesota. 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 Fillmore 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 Wykoff, 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. For instance, the median home price in Wykoff is $159,600, with tax bills ranging from $753 at the 25th percentile to $2,487 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 55990, with a median tax bill of $1,364. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wykoff Assessed Value
$159,600
Average Fillmore County Assessed Value
$193,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wykoff, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55990 | $24,880 | $100,400 | $159,600 | $303,500 | $731,500 |
Source: Ownwell
Property Tax Bills Across Wykoff, Minnesota
In Wykoff, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value reflects the estimated market value of the property. The tax rate applied to this assessed value is set by local taxing authorities and is influenced by budgetary needs for public services such as schools, infrastructure, and emergency services. Homeowners in Wykoff, Fillmore County, typically see a range of property tax bills. For instance, the 25th percentile tax bill is around $753, while the 75th percentile tax bill can go up to $1,896. Those in the 90th percentile might face tax bills as high as $2,487. The median home price in Wykoff is $159,600, which helps determine the overall tax obligation. Comparatively, the property tax rate in Wykoff aligns closely with the national median property tax rate of 0.99%. These taxes significantly impact homeowners, influencing their annual expenses and the affordability of owning property in the area.
Average Wykoff Tax Bill
$1,364
Average Fillmore County Tax Bill
$1,586
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wykoff, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55990 | $245 | $753 | $1,364 | $1,896 | $2,487 |
Source: Ownwell