Waseca, Minnesota Property Taxes
The median property tax rate in Waseca, MN is 0.23%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $339,700 in Waseca, the typical annual property tax bill amounts to $1,294, which is well below the national median of $2,690. Property taxes in Waseca are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Waseca'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 Waseca 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
Waseca, 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 Waseca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waseca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waseca 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 Waseca, Minnesota
Property taxes in Waseca, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waseca is 1.16%, significantly higher than both the Minnesota state median of 1.02% and the U.S. national median of 0.99%. Local government entities within Waseca set these rates annually, and they can vary across different neighborhoods. Each year, Waseca 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 Waseca's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 55124 zip code has the highest median property tax rate of 1.62%, while the 55720 zip code has the lowest median tax rate of 0.79%. Understanding how these cities compare with Waseca provides valuable insights into the varying tax landscape across Waseca County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waseca Tax Rate
0.23%
Average Rice County Tax Rate
0.89%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waseca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56093 | 0.22% | 0.22% | 0.23% | 0.26% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Waseca, Minnesota
In Waseca, 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 local assessment authorities 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. Assessment notices in Waseca 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 Waseca helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Waseca, the zip code with the highest and lowest median tax bill is 56093, with a median tax bill of $1,294.
Average Waseca Assessed Value
$339,700
Average Rice County Assessed Value
$294,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waseca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56093 | $36,060 | $77,750 | $339,700 | $542,450 | $732,540 |
Source: Ownwell
Property Tax Bills Across Waseca, Minnesota
Property tax bills in Waseca, located in Rice County, MN, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Factors such as property size, location, and market trends influence the assessed value. In Waseca, the median home price stands at $339,700. For homeowners, the property tax bill can vary significantly. For instance, those in the 25th percentile might pay around $445, while those in the 75th percentile could see bills as high as $1,956. At the 90th percentile, the tax bill can reach up to $2,198. These variations highlight the importance of understanding how local assessments and rates impact overall tax obligations. Compared to the national median property tax rate of 0.99%, Waseca's tax rates can significantly affect homeowners, making it crucial for them to stay informed about their property’s assessed value and applicable tax rates.
Average Waseca Tax Bill
$1,294
Average Rice County Tax Bill
$2,471
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Waseca, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56093 | $168 | $445 | $1,294 | $1,956 | $2,198 |
Source: Ownwell