Red Wing, Minnesota Property Taxes
The median property tax rate in Red Wing, MN is 1.25%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Red Wing at $236,600, the typical annual property tax bill reaches $2,934, exceeding the national median of $2,690. Property taxes in Red Wing 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 Red Wing'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 Red Wing 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
Red Wing, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$2,958
Ownwell’s Red Wing Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Red Wing with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Red Wing 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 Red Wing, Minnesota
Property taxes in Red Wing, Minnesota, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Wing is 1.25%, higher than the U.S. national median of 0.99%. Local government entities within Red Wing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Wing 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 Red Wing's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55066 has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Red Wing provides valuable insights into the varying tax landscape across Goodhue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Red Wing Tax Rate
1.25%
Average Goodhue County Tax Rate
1.21%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Red Wing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55066 | 0.79% | 1.13% | 1.25% | 1.34% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Red Wing, Minnesota
In Red Wing, 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 Goodhue County Assessor's Office 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 Red Wing, 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 Red Wing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 55066 has the highest and lowest median tax bill at $2,934. The 25th percentile tax bill is $2,114, while the 75th percentile tax bill is $4,032, with the 90th percentile reaching $5,592.
Average Red Wing Assessed Value
$236,600
Average Goodhue County Assessed Value
$266,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Red Wing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55066 | $94,500 | $167,300 | $236,600 | $338,200 | $474,740 |
Source: Ownwell
Property Tax Bills Across Red Wing, Minnesota
In Red Wing, 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 and is a percentage of the property's market value. For example, with a median home price of $236,600, the assessed value is used to determine the tax obligation. The local tax rate in Goodhue County is applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Red Wing experience varying tax bills, with the 25th percentile paying around $2,114 and the 75th percentile paying up to $4,032. At the 90th percentile, tax bills can reach $5,592. The highest median tax bill in the area is $2,934, which is higher than the national median property tax rate of 0.99%. This tax burden affects homeowners by influencing their overall housing costs and potentially impacting their financial planning and decisions.
Average Red Wing Tax Bill
$2,934
Average Goodhue County Tax Bill
$3,110
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Red Wing, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55066 | $1,496 | $2,114 | $2,934 | $4,032 | $5,592 |
Source: Ownwell