Bellechester, Minnesota Property Taxes
The median property tax rate in Bellechester, MN is 1.03%, which is slightly higher than the national median of 0.99% but lower than the Minnesota state median of 1.11%. With a median home value of $174,450 in Bellechester, the typical annual property tax bill amounts to $1,722, which is below the national median of $2,690. Property taxes in Bellechester are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Bellechester'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 Bellechester or another part of Wabasha County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bellechester, 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 Bellechester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bellechester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bellechester 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 Bellechester, Minnesota
Property taxes in Bellechester, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bellechester is 1.03%, which is higher than the U.S. national median of 0.99%. Local government entities within Bellechester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bellechester 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 Bellechester's effective property tax rate to other counties in Minnesota and the national median. For comparison, the zip code 55027 has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Bellechester provides valuable insights into the varying tax landscape across Wabasha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bellechester Tax Rate
1.03%
Average Wabasha County Tax Rate
1.15%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bellechester, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55027 | 0.84% | 0.95% | 1.03% | 1.14% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Bellechester, Minnesota
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bellechester, Minnesota. 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 Wabasha 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 Bellechester, 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. The median home price in Bellechester is $174,450, with the 25th percentile tax bill at $1,384 and the 75th percentile tax bill at $1,944. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Bellechester, Minnesota
Source: Ownwell
$100,400
$307,800
$515,200
Average Bellechester Assessed Value
$174,450
Average Wabasha County Assessed Value
$243,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bellechester, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55027 | $125,100 | $144,200 | $174,450 | $201,800 | $239,800 |
Source: Ownwell
Property Tax Bills Across Bellechester, Minnesota
In Bellechester, Wabasha County, MN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Local tax rates are then applied to this assessed value to determine the final tax bill. Factors such as property size, location, and any improvements made can influence the assessed value. For homeowners in Bellechester, the median home price is $174,450. Property tax bills vary significantly, with the 25th percentile paying around $1,384 and the 75th percentile paying approximately $1,944. At the 90th percentile, homeowners might see tax bills as high as $2,775. Compared to the national median property tax rate of 0.99%, Bellechester's tax rates reflect the local economic conditions and funding needs for public services. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Bellechester Tax Bill
$1,722
Average Wabasha County Tax Bill
$2,658
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Bellechester, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55027 | $1,018 | $1,384 | $1,722 | $1,944 | $2,775 |
Source: Ownwell