Warren, Minnesota Property Taxes
The median property tax rate in Warren, MN is 0.87%, 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 Warren at $178,500, the typical annual property tax bill is around $1,602, significantly below the national median of $2,690. Property taxes in Warren are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Warren'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 Warren or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Warren, 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 Warren Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Warren with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warren 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 Warren, Minnesota
Property taxes in Warren, Minnesota, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Warren is 0.87%, which is lower than both the Minnesota state median of 1.05% and the U.S. national median of 0.99%. Local government entities within Warren set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warren 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 Warren's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 56762 has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Warren provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Warren Tax Rate
0.87%
Average Polk County Tax Rate
1.34%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warren, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56762 | 0.40% | 0.54% | 0.87% | 0.93% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Warren, Minnesota
In Warren, 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 Polk 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 Warren, 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 Warren helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Warren is $178,500, with the highest and lowest median tax bills both recorded at $1,602 in the zip code 56762.
Average Warren Assessed Value
$178,500
Average Polk County Assessed Value
$183,700
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Warren, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56762 | $74,700 | $124,550 | $178,500 | $405,350 | $735,100 |
Source: Ownwell
Property Tax Bills Across Warren, Minnesota
In Warren, Polk 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 reflects the market value of the property. For instance, the median home price in Warren is $178,500. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property characteristics, local tax rates, and any applicable exemptions. Homeowners in Warren can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $1,142, while at the 75th percentile, it rises to approximately $2,412. The tax bill can go as high as $3,616 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Warren's property taxes are influenced by both market values and local rates, impacting homeowners' annual financial obligations.
Average Warren Tax Bill
$1,602
Average Polk County Tax Bill
$2,200
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Warren, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56762 | $720 | $1,142 | $1,602 | $2,412 | $3,616 |
Source: Ownwell