Wood Lake, Minnesota Property Taxes
The median property tax rate in Wood Lake, 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 Wood Lake at $268,550, the typical annual property tax bill amounts to $2,226, falling below the national median of $2,690. Property taxes in Wood Lake are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Wood Lake'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 Wood Lake 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
Wood Lake, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$2,417
Ownwell’s Wood Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wood Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wood Lake 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 Wood Lake, Minnesota
Property taxes in Wood Lake, Minnesota, are critical for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood Lake is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Wood Lake set these rates annually, and they can vary across different neighborhoods. Each year, Wood Lake 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 Wood Lake's effective property tax rate to other areas in Redwood County and the national median. For comparison, the zip code 56297 has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Wood Lake provides valuable insights into the varying tax landscape across Redwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wood Lake Tax Rate
0.90%
Average Redwood County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wood Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56297 | 0.79% | 0.83% | 0.90% | 0.97% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Wood Lake, Minnesota
In Wood Lake, 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 Redwood 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 Wood Lake, 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 median home price in Wood Lake is $268,550. The median tax bill varies, with the 25th percentile at $1,826 and the 75th percentile at $2,626. The highest and lowest median tax bills are both $2,226 in the 56297 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wood Lake Assessed Value
$268,550
Average Redwood County Assessed Value
$117,650
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wood Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56297 | $163,630 | $202,975 | $268,550 | $334,125 | $373,470 |
Source: Ownwell
Property Tax Bills Across Wood Lake, Minnesota
In Wood Lake, Redwood County, MN, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Wood Lake, the median home price is $268,550. The tax bill can vary significantly, with the 25th percentile tax bill being $1,826 and the 75th percentile reaching $2,626. At the 90th percentile, homeowners might face a tax bill as high as $2,866. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Wood Lake may find their tax obligations to be quite comparable, depending on their property's assessed value and the specific tax rate applied. Understanding these factors can help homeowners better anticipate their annual expenses and plan accordingly.
Average Wood Lake Tax Bill
$2,226
Average Redwood County Tax Bill
$1,276
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wood Lake, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56297 | $1,586 | $1,826 | $2,226 | $2,626 | $2,866 |
Source: Ownwell