Waconia, Minnesota Property Taxes
The median property tax rate in Waconia, MN is 1.06%, slightly higher than the national median of 0.99% but below the Minnesota state median of 1.11%. With a median home value of $464,500 in Waconia, the typical annual property tax bill amounts to $5,289, significantly surpassing the national median of $2,690. Property taxes in Waconia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Waconia's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Waconia or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waconia, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$4,924
Ownwell’s Waconia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waconia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waconia 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 Waconia, Minnesota
Property taxes in Waconia, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waconia stands at 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Waconia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waconia 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 Waconia's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55387 has both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Waconia provides valuable insights into the varying tax landscape across Hennepin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waconia Tax Rate
1.06%
Average Hennepin County Tax Rate
1.26%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waconia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55387 | 1.01% | 1.04% | 1.06% | 1.09% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Waconia, Minnesota
In Waconia, 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 Hennepin 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 Waconia, 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 Waconia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Waconia is $5289, found in zip code 55387, which is also the lowest median tax bill in the area.
Average Waconia Assessed Value
$464,500
Average Hennepin County Assessed Value
$350,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waconia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55387 | $260,400 | $287,000 | $464,500 | $537,750 | $653,000 |
Source: Ownwell
Property Tax Bills Across Waconia, Minnesota
In Waconia, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. The median home price in this area is $464,500, and property tax rates are applied to this value to determine the tax bill. Factors such as the property's location within Hennepin County, local tax rates, and any applicable exemptions or deductions also play a crucial role. Homeowners in Waconia can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $3,005, while the 75th percentile reaches $6,817, and the 90th percentile can be as high as $7,924. Comparatively, the national median property tax rate is 0.99%, underscoring the variability in local tax obligations. The highest and lowest median tax bill in the area is $5,289, specifically in the 55387 zip code. These tax bills can significantly impact homeowners' annual expenses, influencing their overall financial planning and home affordability.
Average Waconia Tax Bill
$5,289
Average Hennepin County Tax Bill
$4,453
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Waconia, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55387 | $2,635 | $3,005 | $5,289 | $6,817 | $7,924 |
Source: Ownwell