Waltham, Minnesota Property Taxes
The median property tax rate in Waltham, MN is 0.90%, 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 Waltham at $237,100, the typical annual property tax bill reaches $1,946, falling below the national median of $2,690. Property taxes in Waltham 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 Waltham'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 Waltham 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
Waltham, 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 Waltham Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Waltham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waltham 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 Waltham, Minnesota
Property taxes in Waltham, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waltham is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Waltham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waltham 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 Waltham's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55982 zip code has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Waltham provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waltham Tax Rate
0.90%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waltham, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55982 | 0.29% | 0.65% | 0.90% | 1.05% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Waltham, Minnesota
In Waltham, 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 Mower 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 Waltham, 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 highest median tax bill in Waltham is in the 55982 zip code, amounting to $1,946. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waltham Assessed Value
$237,100
Average Mower County Assessed Value
$155,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waltham, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55982 | $30,920 | $99,200 | $237,100 | $431,075 | $1,217,740 |
Source: Ownwell
Property Tax Bills Across Waltham, Minnesota
In Waltham, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in the area is $237,100. The tax bill is determined by multiplying this assessed value by the local property tax rate. Factors such as the property's location within Mower County, improvements made to the property, and any applicable exemptions or deductions also play a role in the final tax amount. For homeowners, this means that their annual tax bill can vary significantly. In Waltham, the tax bill for the 25th percentile is $961, while the 75th percentile sees a tax bill of $3015. At the 90th percentile, homeowners may face a tax bill as high as $4550. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and property values impact their tax obligations. This variability can significantly affect household budgeting and long-term financial planning.
Average Waltham Tax Bill
$1,946
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Waltham, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55982 | $362 | $961 | $1,946 | $3,015 | $4,550 |
Source: Ownwell