Janesville, Minnesota Property Taxes
The median property tax rate in Janesville, MN is 1.45%, considerably higher than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Janesville, the typical annual property tax bill reaches $2,842, exceeding the national median of $2,690. Property taxes in Janesville are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Janesville'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 Janesville 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
Janesville, 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 Janesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Janesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Janesville 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 Janesville, Minnesota
Property taxes in Janesville, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Janesville is 1.45%, notably higher than both the Minnesota state median and the U.S. national median of 0.99%. Local government entities within Janesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Janesville 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 Janesville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the 56048 zip code has the highest median property tax rate of 1.45%, while the same 56048 zip code also has the lowest median tax rate of 1.45%. Understanding how these cities compare with Janesville 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 Janesville Tax Rate
1.45%
Average Waseca County Tax Rate
1.46%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Janesville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56048 | 0.69% | 1.01% | 1.45% | 1.57% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Janesville, Minnesota
In Janesville, 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 Waseca 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 Janesville, 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 Janesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2842, found in zip code 56048, while the lowest median tax bill is also $2842 in the same zip code.
Average Janesville Assessed Value
$210,000
Average Waseca County Assessed Value
$185,200
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Janesville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56048 | $98,300 | $156,400 | $210,000 | $286,450 | $445,600 |
Source: Ownwell
Property Tax Bills Across Janesville, Minnesota
In Janesville, located in Waseca County, MN, property tax bills are calculated based on the assessed value of a home rather than its market value. This assessed value is determined by local assessors who evaluate the property's worth. The median home price in Janesville is $210,000, and homeowners can expect their tax bills to vary significantly based on this assessment. For instance, the 25th percentile tax bill is $2,006, while the 75th percentile tax bill rises to $3,712, and those in the 90th percentile face tax bills as high as $4,722. These tax bills are influenced by several factors, including local tax rates and property assessments. The highest and lowest median tax bills in the area are both $2,842, reflecting the uniformity within a specific zip code. Compared to the national median property tax rate of 0.99%, Janesville's property tax rates can have a substantial impact on homeowners' finances, making it crucial for them to understand how their tax bills are determined and what to expect annually.
Average Janesville Tax Bill
$2,842
Average Waseca County Tax Bill
$2,536
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Janesville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56048 | $989 | $2,006 | $2,842 | $3,712 | $4,722 |
Source: Ownwell