Wolverton, Minnesota Property Taxes
The median property tax rate in Wolverton, MN is 0.72%, which is lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $205,550 in Wolverton, the typical annual property tax bill is $1,452, falling well below the national median of $2,690. Property taxes in Wolverton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wolverton'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 Wolverton 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
Wolverton, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,480
Ownwell’s Wolverton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wolverton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wolverton 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 Wolverton, Minnesota
Property taxes in Wolverton, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wolverton is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Wolverton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wolverton 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 Wolverton's effective property tax rate to other areas and the national median. For comparison, the zip code 56594 has the same median property tax rate of 0.72%, showing consistency within the region. Understanding how these areas compare with Wolverton provides valuable insights into the varying tax landscape across Wilkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wolverton Tax Rate
0.72%
Average Wilkin County Tax Rate
0.90%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wolverton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56594 | 0.45% | 0.58% | 0.72% | 0.86% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Wolverton, Minnesota
In Wolverton, 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 Wilkin 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 Wolverton, 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 Wolverton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills are both $1,452, found in zip code 56594.
Average Wolverton Assessed Value
$205,550
Average Wilkin County Assessed Value
$164,600
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wolverton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56594 | $67,580 | $126,025 | $205,550 | $325,550 | $575,040 |
Source: Ownwell
Property Tax Bills Across Wolverton, Minnesota
In Wolverton, located in Wilkin County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For a median home price of $205,550, homeowners can expect their property tax bill to vary significantly. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. For instance, tax bills in Wolverton range from the 25th percentile at $922 to the 75th percentile at $2312, with the 90th percentile reaching $3281. The median property tax bill in the area is $1452, which is below the national median rate of 0.99%. These tax bills directly impact homeowners by affecting their annual financial planning and overall cost of homeownership. Lower property taxes can make homeownership more affordable, while higher taxes may require more careful budgeting. Understanding these factors helps homeowners anticipate their expenses and manage their finances more effectively.
Average Wolverton Tax Bill
$1,452
Average Wilkin County Tax Bill
$1,424
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Wolverton, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56594 | $536 | $922 | $1,452 | $2,312 | $3,281 |
Source: Ownwell