Winton, Minnesota Property Taxes
The median property tax rate in Winton, MN is 0.71%, considerably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Winton at $748,000, the typical annual property tax bill reaches $5,300, surpassing the national median of $2,690. Property taxes in Winton 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 Winton'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 Winton or another part of Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Winton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$5,311
Ownwell’s Winton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winton 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 Winton, Minnesota
Property taxes in Winton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winton is 1.32%, significantly higher than both the Minnesota state median of 1.12% and the U.S. national median of 0.99%. Local government entities within Winton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winton 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 Winton's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55796 zip code has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these cities compare with Winton provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winton Tax Rate
0.71%
Average Lake County Tax Rate
0.59%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55796 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Winton, Minnesota
In Winton, 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 Lake 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 Winton, 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 Winton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Winton is $5,300, with the zip code 55796.
Average Winton Assessed Value
$748,000
Average Lake County Assessed Value
$222,300
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55796 | $748,000 | $748,000 | $748,000 | $748,000 | $748,000 |
Source: Ownwell
Property Tax Bills Across Winton, Minnesota
In Winton, located in Lake County, MN, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by the county assessor and is meant to reflect the market value of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Winton, the median home price is $748,000, and the property tax bill is notably consistent, with the 25th, 75th, and 90th percentiles all standing at $5,300. This uniformity suggests a stable and predictable tax environment, which can be beneficial for financial planning. Compared to the national median property tax rate of 0.99%, homeowners in Winton might find their tax rate to be relatively moderate, depending on the assessed value and local tax policies. Understanding these factors is crucial for homeowners as property taxes can significantly impact their annual expenses and overall financial health.
Average Winton Tax Bill
$5,300
Average Lake County Tax Bill
$1,364
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Winton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55796 | $5,300 | $5,300 | $5,300 | $5,300 | $5,300 |
Source: Ownwell