West Concord, Minnesota Property Taxes
The median property tax rate in West Concord, MN is 0.60%, significantly lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $337,400 in West Concord, the typical annual property tax bill amounts to $2,630, which is just below the national median of $2,690. Property taxes in West Concord are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding West Concord'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 West Concord or another part of Steele County, a solid grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
West Concord, 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 West Concord Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Concord with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Concord 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 West Concord, Minnesota
Property taxes in West Concord, Minnesota, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Concord is 0.60%, lower than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within West Concord set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Concord 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 West Concord's effective property tax rate to other regions in Minnesota and the national median. For comparison, the 55985 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with West Concord provides valuable insights into the varying tax landscape across Steele County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average West Concord Tax Rate
0.60%
Average Steele County Tax Rate
1.36%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Concord, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55985 | 0.25% | 0.30% | 0.60% | 0.88% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across West Concord, Minnesota
In West Concord, 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 Steele County Assessor's Office 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 West Concord, 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 West Concord helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $337,400, with tax bills ranging from $1,650 at the 25th percentile to $5,416 at the 90th percentile. Notably, the zip code 55985 has the highest and lowest median tax bill at $2,630.
Property Tax Assessment Values Across West Concord, Minnesota
Source: Ownwell
$142,100
$277,200
$412,300
Average West Concord Assessed Value
$337,400
Average Steele County Assessed Value
$246,000
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across West Concord, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55985 | $179,280 | $233,250 | $337,400 | $600,600 | $1,249,320 |
Source: Ownwell
Property Tax Bills Across West Concord, Minnesota
In West Concord, Steele County, MN, property tax bills are calculated based on the assessed value of a home and the local tax rate. For homeowners, the median home price stands at $337,400. The assessed value is determined by local assessors who evaluate the property's market value, considering factors such as location, property condition, and recent sales of similar homes. The local tax rate in Steele County is applied to this assessed value to determine the tax bill. For example, homeowners in the 25th percentile can expect a tax bill around $1,650, while those in the 75th percentile might see bills closer to $3,249. At the higher end, the 90th percentile tax bill reaches approximately $5,416. These property tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Steele County's tax rates and resulting bills can significantly influence household budgets, depending on the assessed property value and applicable exemptions.
Average West Concord Tax Bill
$2,630
Average Steele County Tax Bill
$2,874
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across West Concord, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55985 | $893 | $1,650 | $2,630 | $3,249 | $5,416 |
Source: Ownwell